Digital transactions, such as UPI and internet banking, have become an essential part of our daily lives. However, the convenience of online payments also exposes us to the risk of falling prey to various scams and fraudulent activities. Whether it’s UPI fraud, banking scams, or deceptive schemes promising online money transfers, scammers are continuously devising new methods to deceive individuals. To ensure your safety, it is crucial to familiarize yourself with the different types of scams and, more importantly, learn how to recover lost funds.
Below is a comprehensive guide outlining the necessary steps you can take if you or someone you know has fallen victim to an online scam.
UPI Fraud:
UPI has transformed the landscape of digital payments in India, offering a fast and convenient method to transfer funds. Nevertheless, UPI transactions are not impervious to fraudulent activities. In the unfortunate event that you fall prey to UPI fraud, adhere to the subsequent guidelines:
Reporting to the UPI Service Provider is required.
- According to the guidelines set by the Reserve Bank of India (RBI), it is recommended to promptly notify the UPI service provider (such as GPay, PhonePe, Paytm) about any fraudulent transaction that occurs as the initial and most crucial step in case of UPI fraud.
- Take the necessary step to flag the transaction and request a refund by utilizing the support mechanisms provided by the service provider.
NPCI Complaint Portal:
- If your UPI service provider fails to respond, you can register a complaint on the National Payments Corporation of India (NPCI) portal located at npci.org.in.
- In an alternative approach, you may choose to file a complaint with both the Payment Service Provider (PSP) bank and the bank where your account is held.
Banking Ombudsman and Digital Complaints:
- If the problem continues for a duration of 30 days, it is advisable to seek assistance from either the Banking Ombudsman or the Ombudsman for Digital Complaints.
- Please adhere to the RBI guidelines for digital transactions and submit an official complaint to the Ombudsman.
- You also have the option to complete this process online through cms.rbi.org.in or by sending an email to crpc@rbi.org.in, the Banking Ombudsman’s designated email address.
Banking Frauds:
If you become a target of banking fraud, it means that cybercriminals have unlawfully obtained your sensitive information in order to carry out unauthorized transactions. This can occur through the use of phishing links or by hacking into systems. In the event that you find yourself in this unfortunate situation, it is important to follow these recommended actions:
Immediate Reporting to the Bank:
It is crucial to promptly inform your bank about any unauthorized transaction. It is important to note that you should file your report within three days to prevent potential losses of up to Rs 25,000.
Insurance Company Communication:
- The insurance company will be notified by the bank regarding the fraudulent activity in order to minimize your liability.
- The bank is committed to processing the compensation within a period of 10 business days.
Cyber-crime Portal:
In instances like work-from-home scams or lottery fraud, scammers focus on exploiting bank accounts. In the event of financial loss, it is advisable to reach out to bank authorities for assistance. If you find yourself in a complex situation and are uncertain about the appropriate reporting channel, you can submit a complaint on the Cybercrime portal. Additionally, you can choose to report the fraudulent activity to the local police or register a complaint on the National Cyber Crime Reporting portal (Helpline Number – 1930) either by phone or online via cybercrime.gov.in.
To safeguard yourself from online scams, it is crucial to familiarize yourself with the various scamming techniques and learn how to identify them. Additionally, it is essential to take measures to safeguard your personal information and online accounts. Exercise caution when it comes to sharing personal information with individuals whom you are unfamiliar with and do not trust.
Exercise caution while clicking on links provided in emails or text messages, as they may redirect you to counterfeit websites that mimic legitimate ones. Ensure that you use robust passwords for your online accounts. Opt for two-factor authentication for your online accounts, as it provides an additional level of security.