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Rs 1.25 lakh crore cyber frauds reported in last 3 years
Such financial frauds severely affect personal finances. Direct financial losses cause heavy stress. Credit scores take a hit when victims’ accounts are drained by such scams. Financial institutions face the credibility question. The emotional toll includes anxiety and mistrust, far beyond the compensation of cheating
Bengaluru: The Indian Cybercrime Coordination Centre has reported that digital financial frauds worth Rs 1.25 lakh crore have taken place in the last three years. More than 13,000 cyber financial fraud cases recorded in 2023. About half of that is digital payment fraud (card/internet banking). Victims of digital financial fraud have reportedly lost at least Rs 10,319 crore.
As the amount increases, such financial frauds severely affect personal finances. Direct financial losses cause heavy stress. Credit scores take a hit when victims’ accounts are drained by such scams. Financial institutions face the credibility question. The emotional toll includes anxiety and mistrust, far beyond the compensation of cheating. Are you a victim of such scams (UPI or bank fraud) that shatter the financial picture? Don’t panic, don’t be so impatient. Here’s a quick guide to minimize the damage and get your money back, note:
• Every moment is important. Contact your bank or UPI app provider without wasting a moment the moment you find out that you have fallen into a fraudster’s web. Thus the chances of getting your money back in full if done during Golden Hour are high (subject to respective bank policies).
• Block any transaction on your accounts: Request your bank to freeze your accounts and block your debit/credit cards to prevent fraud, fraud, unauthorized transactions.
• Collect all relevant documents. It includes e-mails, SMS messages, transaction details, screenshots, mobile call details, or any other details related to the incident. All these are important and crucial to find a solution to your problem.
• Dispute Resolution Procedure: Follow your bank’s dispute resolution procedures diligently. To strengthen your case, provide all the documents to proceed with the investigation.
• In some cases, it may be necessary to file a complaint with the local Cybercrime Unit (Cybercrime, Economic offenses, Narcotics -CEN) or the police. This official document will help in further investigations.
• Report fraudulent activity to your credit bureau to prevent damage to your credit score.
• Be Vigilant: Keep an eye on fraudulent transactions taking place in your account to quickly spot any suspicious activity. This will facilitate you to report quickly and minimize further losses.
• Remember: By acting quickly and following these steps, you increase your chances of recovering your hard-earned money. And you can protect yourself from future fraud.
• Documents you need When reporting a fraudulent transaction, you need to provide the following documents depending on whether the fraud is a domestic transaction or an international transaction. Remember, once your card is blocked, you can’t use it again by yourself. The bank will issue you a new replacement card with a different number. But the account of the card you have blocked will remain active. Contact
• Cardholder Dispute Form (CDF) for domestic transactions with transaction details and signed by you.
• An incident letter with date and your signature should be given to your bank. It should contain details of (a) account number, card number and date of fraud/loss, (b) who had the card when the fraud occurred and how you came to know about the fraudulent transaction, and (c) inform the bank first if there is any additional information about the fraud.
• Providing card and transaction details is mandatory if the fraudulent transaction is Rs 20,000 or more. After that information should be given about receipt of original FIR / online FIR / incident letter by police.
• In case of international fraud, you should submit the following documents along with the completed Customer Dispute Form and Incident Letter:
• An FIR by the local police overseas is mandatory if the fraud is committed through an international transaction and the customer is present at that foreign location when the fraud takes place. An FIR is not required if the fraud takes place through an international transaction while the customer is
in India.
