Digital modes of payment have become so common after the Covid-19 pandemic that people rarely carry cash with them now. So, if you are one of the many who make online payments through UPI, QR codes, phone numbers, or online banking for seamless and quicker transactions, then, beware! As you are for sure privy to online payment fraud.
The increase in the number of online transactions is directly proportional to the increase in the number
of online frauds and scams. Online scams have become very common in India, just like in other parts of the world. Online scams and frauds are a type of illegal transaction that is not completed by the legit account holder but by a cybercriminal or a scammer.
These scams are designed to trick individuals into giving away their personal information, money, or access to their devices. So, here are a few ways to recover your money after getting duped –
UPI fraud
Unified Payments Interface (UPI) enables people to transfer money directly to bank accounts at any time using their smartphones. This method of payment has completely transformed the Indian digital payment system and has established itself as the go-to payment option for the majority. Even though UPI transactions are absolutely safe and secure, the digital gateway can often prompt errors and make you vulnerable to UPI fraud.
According to RBI (Reserve Bank of India) guidelines, anyone who falls victim to UPI fraud needs to first report the issue to the payment service provider. This means that the user needs to first inform GPay, PhonePe, Paytm, or other UPI service providers as they have their own mechanisms to provide support to customers. The users can flag the unintentional transaction and ask for a refund.
However, in case, the UPI service provider doesn’t offer much help, the user can also file a complaint at the NPCI portal – npci.org.in or file a complaint with the payment service provider (PSP) bank followed by the bank (where the end-user customer maintains its account).
Furthermore, if the issue still remains unresolved for the next 30 days, you can also approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints. As per the RBI guidelines, the end-user can submit an official complaint with the Ombudsman by writing on plain paper and sending it to the concerned office by post/fax/hand delivery. Ombudsman are senior official appointed by RBI for digital transactions who redress customer complaints.
Banking frauds
Scamsters are misusing our financial information and personal data to steal money from the accounts of innocent people. Cybercriminals steal crucial information such as passwords and personal information to loot money from the bank accounts of innocent people via OTP fraud.
Under these scams and online bank frauds, the hackers develop duplicate websites which appear to be genuine. However, according to banking rules, victims of such frauds can request a full refund of unauthorised transactions.
All you need to do is immediately inform your bank about the unintentional and unauthorised transaction as most of the banking partners have got their customers insured from financial fraud.
The bank then will send an update to the insurance company about the fraud to limit the customer’s liability, after which the victim of the fraud (you) will be compensated by the bank within 10 working days.
The user must note that such transactions need to be reported to the bank within three days or else he or she can face a loss of up to Rs 25,000.
Additionally, the user must report fraud to the local police station and reach out to the National Cyber Crime Reporting portal (Helpline Number -1930) or register a complaint online through cybercrime.gov.in to register any complaint about cyber fraud.
Lottery scams
Have you received an SMS or email claiming that you have won a prize in a lottery even if you don’t recall ever signing up for something like this? Don’t fall for messages or emails saying that you have won a large sum of money in a lottery or sweepstakes, but in order to claim your winnings you will have to make a nominal payment first or provide some personal information, it’s a scam.
Nowadays scammers are becoming increasingly tech-savvy in obtaining personal/critical information online through which they can drain out your bank account even before you realise.
So, if you have also fallen prey to such lottery scams, fret not! As you can recover your money by following some simple steps.
First, contact your bank’s customer care service and report the crime and request a refund. After this lodge a complaint at your nearest Police Station explaining the complete incident and documents such as bank statements, a copy of the SMS, email or courier received along with your identity details. Also, register a complaint on http://www.cybercrime.gov.in and provide information about the fraud along with the other required documents.