New Delhi: Amid the pandemic, the number of cybercrimes such as online fraud is on the rise. In the past year alone, more than 2.7 million adults have been victims of identity theft, according to a report by security research firm Norton Lifelock.

Hackers misuse our personal and financial information to loot money from the accounts of innocent people.

Hackers steal crucial information like passwords and personal information to plan loot. Usually, they steal money from the bank accounts of harmless people via OTP fraud and UPI fraud.

Losing money in such frauds is quite frustrating as it seems there is no way out. However, you can actually try to get your money back by following a few simple steps.

For the uninitiated, online transactions are financial transactions made on digital platforms. Hackers use duplicate websites that appear genuine to stage online frauds.

Victims of such frauds can obtain a full refund for unauthorized transactions, in accordance with banking rules.

For this, however, account holders must immediately notify the parties involved such as the payment gateway, the bank, and others to obtain reimbursement for the fraud.

According to RBI, “if you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, but also void, if you immediately notify your bank.”

So how do you get the lost money back?

Most banks have insured their customers against financial fraud. Thus, in case of loss of money due to unauthorized banking transactions, customers should immediately notify the bank to benefit from the insurance.

After notifying the bank, the bank will immediately inform the insurance company of the fraud in order to limit the customer’s liability.

The loss is usually compensated by the bank within 10 working days. Banks and insurance companies usually compensate for funds lost due to unauthorized transactions.

Customers must notify the bank of the unauthorized transaction within three days. If a customer does not notify the bank of the loss within three days, he may face a loss of up to Rs 25,000.

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