With the rapid expansion of digital, the cases of fraud have also increased. Fraudsters are adopting different tactics to extort money from people. In such a situation, you need to be very cautious. Especially, one should stay away from any kind of unknown calls, SMS and greedy things. But if you do get scammed then you can get back the money lost in the fraud by taking quick action.
In this case, Supreme Court advocate, Dr. Pawan Duggal has informed that 90% of the money lost in fraud can be found in just 10 days. Speaking at ZeeMedia Learning XP he said that right steps should be taken to get money, else money can be lost by you forever.
At the same time, the Reserve Bank of India (RBI) also tells the customers that if any kind of unauthorized transaction is done, then by giving information at the right time, they can get the money back. According to RBI, if you suffer a loss due to unauthorized digital transaction, you can immediately inform the bank, which will either reduce or void your transaction.
How to get back the money lost in fraud
Insurance policies against unauthorized transactions are offered by many banks. That is, if you give your complaint on time, then you can get your loss money back. Bank customers can also buy outright insurance policies against cyber frauds.
Till when complaint can be made
As per the guidelines given by RBI, the bank has to inform the unauthorized transaction by the customer within three days. If you provide information within this time interval, full money is returned. On the other hand, if the complaint is made after 4 to 7 days of the incident, then the customers may face a loss of up to Rs 25,000. On the other hand, if you complain after the stipulated limit, the money cannot be refunded. After timely complaint, the bank returns the money within 10 days.