Mumbai: Online scams are increasing globally. Several people fell prey to online frauds. The Reserve Bank of India (RBI) has taken several steps to safeguard customer’s money. The apex bank in the country has issued guidelines and regulations for recovering money lost in online frauds.
As per the RBI, if you fall victim to fraud due to information gaps or banking issues such as phone banking, net banking, debit card, credit card, or online payment gateway problems, you can lodge a complaint. Alongside, if money is withdrawn from your account due to a breach by a third party, for which neither you nor the bank is responsible, the lost funds will be refunded.
As per RBI, one must inform the bank in writing within 3 days. Even if you report the fraud within 4 to 7 days, you may still have a chance to recover your money.
Steps to recover money:
Step 1
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If you encounter online fraud, it’s recommended to submit a written complaint at the nearest police station on the same day. While it’s preferable to have an FIR (First Information Report) registered, if that’s not possible, make sure to file a complaint.
Step 2
Visit your bank on the same day as the fraud or the next day to get a police receipt. Prepare the fraud application at the bank and submit it along with the police receipt.
Step 3
The third step involves sending the soft copies of both documents to RBI’s email ID crpc@rbi.org.in, while also including your bank’s email ID in CC. This action must be completed within 3 days.
After the bank is informed of the fraud, it will take around 10 days for the money to be credited back to the victim’s account. Money lost in Bitcoin, online currency, online games, or betting is usually not recovered.
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