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    Bank Account ‘s Unauthorized transactions: Get Your Money Back

    Gone are the times of paper money, this new era of utmost globalization has seen the economy evolves to a cashless one, where one can perform any type of transaction through using your Bank Account, mobile apps, online shopping and swiping ATM Cards. For example, booking a movie/hotel/ flight ticket, paying for a cab, or maybe buying a phone or perhaps a house has become very simple and convenient.

    And since, paying for everything is simply a click away every transaction has become riskier as no direct hand to hand transaction takes place leading to unauthorized transactions.

    The common online financial frauds include:

    Sharing your one-time password(OTP)

    For a financial transaction, a one-time password (OTP) is required, which you receive on your registered mobile number. Giving freely your OTPs to people on calls or otherwise must always be avoided to decrease the danger of such a fraud. This is often a vital detail. Aside from this, photocopies of your identity proof like PAN card, Aadhar card should also not be shared. Another important aspect is social engineering in frauds which implies influencing/ manipulating another person in such a way to obtain out information which will be wont to steal that person’s money.

    ATM cloning

    Nowadays, ATM cloning so common that it is often while you’re using your ATM card for a transaction at an ATM or perhaps while paying your bills.


    In the present modern age of technology, hacking is the most convenient way of stealing money from someone, all an individual has to do is hack into a source preferably a mobile or a computer and steal private important information about your account.

    Identity Theft

    Another common fraud is identity theft where an imposter steals important information of another person thereby getting access to his account and spends the cash accordingly.

    Mobile fraud (smishing)

    One variety of mobile fraud is smishing (smishing), that uses text messages to fool you into sharing financial and private information. The scam works after you receive a text message on your mobile phone which creates a trigger of urgency by telling you that your account has been suspended or blocked for any reason by telling “due to unauthorized access, excessive unsuccessful attempts to achieve access or other fraudulent activity.”

    The message concludes by informing you that you simply can reactivate or unlock your Bank Account by:

    • Calling the telephone number provided

    • Linking to the web site provided within the text message.

    Phishing and fraudulent emails

    Phishing is a kind of online bluff, using emails sent to unaware users. It steals data like card numbers, passwords or other personal account information by pretending as a lawful business in an email.

    Read More: How to Register a Cyber Crime Complaint In India?

    Malware and viruses

    Fraudsters are getting sophisticated to find alternate ways to achieve access to your personal and financial information online without you going to realize it.

    One of the foremost cunning methods is through the utilization of malware (unwanted email) which gets installed without your knowledge on the pc. this may happen after you visit certain websites, download videos or files, etc

    Since thousands of individuals are duped by such fraudsters most of the time, and the instantaneous need was felt by the govt to seek out an answer and find it before ever.

    The fixing of a cyber-cell in almost every district of the country is one such initiative where the govt now hires ethical hackers to tackle the menace.

    Apart from this, the victim to avoid getting duped must be very careful while using online payment modes and must not disclose their personal information like email address, answers to their security questions, home address, date of birth and must not ever disclose the just one occasion passwords while buying or selling online with anyone since the fraudster might even claim to be a bank executive.

    Who is responsible, then?

    In cases where the loss is thanks to negligence by the customer, like where he has shared the payment credentials, the customer will bear the whole loss until he reports the unauthorized transaction to the bank immediately.

    Bank will bear any loss after reporting the unauthorized transaction. The bank may, at their discretion, prefer to reimburse the loss albeit it occurred thanks to the customer’s negligence.

    In cases where there’s negligence or fraud on the part of the bank, the bank is going to be fully susceptible to cover the losses of the customer.

    In cases of a 3rd party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere within the system, and therefore the customer reports the loss within an inexpensive time, the bank is going to be fully liable also.

    However, if you’re cheated by a fraudster a victim must not panic but, simply do a few things to avoid further loss by getting the cardboard blocked and also, keeping in mind some very simple steps. as an example, you want to undertake the subsequent steps if you’re a victim of card fraud.

    The important things to stay in mind

    Step-1: Notify the Bank ASAP

    The victim must immediately report the crime to the bank, preferably within 3 working days in order that the quantity in which the bank is susceptible to pay towards the loss incurred by the victim.

    The following table shows the liability that you simply will need to bear consistent with the time taken to report the fraud-

    Apart from this, the utmost amount that you simply are susceptible to pay just in case liability is on you depends on the type of account you hold-

    The maximum liability of a customer just in case the customer reports the fraud in 4 to 7 days

    Step-2: File a police complaint against the theft

    In case the theft was made online like someone made a web transaction that led to your account being debited, file a complaint together with your nearest Cyber Cell.

    In case the theft was made through a physical instrument, like your ATM card details, file a complaint together with your nearest police headquarters.

    Apart from this, the govt has found out a Helpline Number (8691960000) for registering the complaint.
    Also, the web-page for an equivalent is

    Above all, to avoid/ just in case of such online frauds, certain duties of both the customer and therefore the bank are:

    Precautionary steps to be taken by the customer/ victim to save from attack:-

    1. to stay your personal details, like account details, PIN numbers, passwords, DOB, home address, security questions, etc. secure and don’t share them with anyone.

    2. to stay an in-depth track of the transactions that are administered using your account. whenever you create a transaction, you want to be proactive. Moreover, you ought to immediately report any suspicious activity to the bank.

    3. just in case you become a victim of theft, report the small print of the transactions to the bank and immediately, file a complaint with the relevant police headquarters also.

    4. Avoid making your DOB as your pin/ password, it makes it easier for a person to misuse it.

    Precautionary measures to be taken by the Bank

    On receipt of the report of a fraud from the customer, banks must take immediate steps to stop further fraud within the account. To facilitate this, banks are required to supply customers with 24×7 accesses to the bank through multiple channels like phone banking, SMS, e-mail, IVR, etc. Customers should be ready to report any suspicious activity to the bank immediately.

    The fraud reporting system is added to make sure that an instantaneous response is shipped to the purchasers acknowledging the complaint alongside the registered complaint number.

    Banks must solve the issue of fraud within 90 days period within the reporting of the fraud.

    Read More: CyberLaw: Cyber crime: Think before “agree” on all app permissions

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