Bank Fraud: 90% of money can be recovered in 10 days; here’s how to get funds back

Share

Tweet

Share

Share

Email

Comments

Advocate, Supreme Court of India, Dr Pavan Duggal, said that victims losing money to bank frauds can get 90% of their money back in just 10 days. 

New Delhi: With the rapid adoption of digital frauds, the number of bank account fraud cases is also on the rise. Scammers are using various modus operands to loot the bank accounts of innocuous customers. However, the good news is that you can get your money, lost in bank fraud, back by taking quick actions. 

Speaking at ZeeMedia Learning XP, Advocate, Supreme Court of India, Dr Pavan Duggal, said that victims losing money to bank frauds can get 90% of their money back in just 10 days. But it is important to take the right steps at the right time. Otherwise, you would lose the funds. 

Read More: Planning to go to UAE? Now you can pay using BHIM UPI, here’s how

According to the Reserve Bank of India (RBI), even after any unauthorized transaction, customers can get a full refund. The Central Bank had pointed out earlier that by giving immediate information about any unauthorized transaction, you can avoid losses.

According to the RBI, ‘If you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, but also zero, if you notify your bank immediately.’

How to get money lost in an unauthorized transaction back? 

Most banks have an insurance policy against unauthorized transactions. Raising a complaint on time will compensate for your loss. The bank provides a small window to customers during which they can raise their complaints and make a claim against their loss. Bank customers can also buy direct insurance policies against cyber fraud.

Read More: Old coin sells for Rs 30,500! Know what is so special about it and how you can sell your collectables

According to the guidelines, a bank customer has to report an unauthorized transaction within three days. If you miss the deadline, it would be difficult to get a refund of the lost money. The funds can be returned to the customer’s bank accounts within 10 days of informing the bank. 

Further, bank customers would have to face a loss of up to Rs 25,000 for reporting the unauthorized transaction after 4 to 7 days of the incident.