Online transaction frauds in india.

With an increment in the digital way of life and especially when it comes to financial transactions, the risk of financial frauds involved in financial transactions cannot be ignored. Nowadays, people are experiencing a huge rise in ATM frauds or bank scams in India. As the number of people using ATMs is increasing day by day, online frauds in India is also rising simultaneously.

Debit card fraud happens when a criminal gains access to your debit card number. It is happened due to lack of awareness and outdated ATMs. Fraudulent activities while doing online transactions in one’s bank account, debit or credit card could be because of email spoofing, phishing or it could have been an act of cloning one’s card.

Fortunately, it does not require any special skills to detect ATM fraud or online frauds in India.

How to detect Debit Card Fraud.

When your debit card is used by any person fraudulently, the money is instantly withdrawn from your bank account. The easiest way to detect fraud is by checking your balance regularly and recent transactions on daily basis.

The sooner you will detect the fraud, the earlier it will limit the impact on your finances and your life. If you have felt any unfamiliar transactions in your account, call the bank right away.   

Types of ATM Fraud

Ways to protect yourself from fraudulent transactions

Here are many ways through which you can protect unauthorized transactions on debit card India; these are as below mentioned;

Get banking alerts

Besides checking online transactions regularly you can also sign up for banking alerts, where the bank will contact you by sending emails and text messages whenever any transaction occurs on your account.

Go digital

Signing up for digital or paperless bank statements will remove the possibility of having bank account information stolen from your mailbox.

Don't make purchases with your debit card

Do not use a debit card for purchases, use a credit card, which offers more safety against fraud, rather than a debit card.

Stick with bank ATMs

Usually, bank ATMs have better security than automatic teller machines due to video cameras.

Smash old Debit Card

Your old debit card can be a source for stealing your important information.

Beware of Phishing scams

It is a type of scam through digital communication in order to obtain personal information such as usernames, passwords, credit card details, or other confidential information. In fact, the scammer is looking to get access to your personal information and may attempt to access your bank account.

Protect your devices

You must use firewall, anti-virus, and anti-spyware software on your computer and mobile devices.

How to file ATM Complaint?

(Where to report online frauds in India)

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ae are some steps you must follow according to RBI guideline on ATM fraud Âif you are a victim of ATM fraud;

Get your debit card block

If any person has carried out a fraudulent transaction using your ATM or debit card, you will get a message from the bank. Whenever you get a message from your bank, in this case, immediately block your card. There is no other option to avoid such fraud.

You can get your debit card blocked by calling the customer care of the bank.

Reduce your liability

RBI has mentioned in his annual report who will bear financial liability in case of unauthorized banking transactions.

No Liability

In case you are a sufferer of financial fraud, you are entitled to zero liability, if the transactions occur in the following situations;

1. If the mistake occurs on the part of the bank which has led the way to fraud, then your bank will bear the loss.
2. Or If the mistake occurs due to the failure of the system, in this case, you are not liable to bear any loss.

And If you inform your bank about the fraudulent transaction between 4-7 working days, then your maximum liability ranges between Rs. 5000 to Rs.25000, depending upon the type of account that you have.

Limited liability of the customer

You have to bear the liability if the entire loss has taken place due to your fault until you report the fraud to the bank. And if the fraud has taken place after you report to your bank, then in this case bank is liable to bear the loss.

File an FIR

If you are a victim of debit card or ATM fraud, you need to immediately report this fraud transaction complaint letter to police station and lodge an FIR. FIR will serve as an official record of the incident.

You can file a complaint of online frauds in India or of UPI frauds complaint on cyber crime number or to Delhi crime branch.

Most likely, you won’t have any difficulty in fixing out the issue directly with your bank, but if you do run into any obstacles, you can reach out to a legitimate consumer advocacy group such as Private Rights Clearinghouse. And if in case your bank is not co-operating you, you can contact government organizations.

Contacting agencies will depend upon the type of bank you use.

1. The Federal Reserve Board of Governors manages complaints about state-chartered federal reserve system banks, bank holding companies, and branches of a foreign bank.
2. And The Federal Trade Commission focuses on uneven or deceptive practices in commerce.
3. The Federal Deposit Insurance Corporation (FDIC) deals with state-chartered, non-FRS.

Conclusion

Using your debit card with care is not enough. You need to be aware of several scams while transacting so that you can protect yourself from different unauthorised transactions or UPI fraud. For more information and assistance you can contact TAX ADVISORY. Tax Advisory is India’s leading legal service. You just need to contact us directly on 9193555055.

Disclaimer

We are not a Cyber Cell, RBI, or any other Government or Wallet Organization. We are legal Advisory and we will help you in recovering the online transaction frauds in India.

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