Here’s how to reclaim money lost in UPI or banking fraud

Digital transactions, such as UPI and online banking, have become ingrained in our daily lives. However, the simplicity of online payments raises the danger of becoming a victim of different scams and frauds. Scammers are continuously developing new ways to defraud customers, whether it’s a UPI fraud, a banking scam, or a false program promoting online money transfers. To guarantee your safety, it’s critical to understand the different sorts of scams and, more crucially, how to retrieve stolen money.

Here’s a step-by-step guide on what you should do if you or someone you know has been a victim of an internet fraud.

UPI Scam

The Unified Payments Interface (UPI) has transformed digital payments in India by providing a rapid and easy way to transfer money. UPI transactions, however, are not immune to fraud. If you become a victim of UPI scam, take the following steps:

• Informing the UPI Service Provider:
  • According to RBI (Reserve Bank of India) standards, the first and most important step in the event of UPI fraud is to immediately inform the UPI service provider (e.g., GPay, PhonePe, Paytm) of the fraudulent transaction.
  • Flag the transaction as fraudulent and request a refund using the service provider’s support methods.

• NPCI Complaint Portal:
  • If your UPI service provider is not responding, make a complaint at npci.org.in, the National Payments Corporation of India’s (NPCI) portal.
  • Alternatively, you can make a complaint with your Payment Service Provider (PSP) bank as well as the bank where you have your account.

• Banking Ombudsman and Electronic Complaints:
  • If the problem continues for more than 30 days, contact the Banking Ombudsman or the Ombudsman for Digital Complaints.
  • Submit a formal complaint to the Ombudsman in accordance with RBI standards for digital transactions.
  • This can also be done online at cms.rbi.org.in or by emailing the Banking Ombudsman at [email protected].

Banking Frauds

Banking fraud is committed by cybercriminals who steal sensitive information and use it to make unauthorized transactions. This can be accomplished by phishing links or system hacking.  If you become a victim of such scam, follow following steps:

• Immediate Reporting to the Bank:
  • Notify your bank as soon as possible about the unauthorized transaction.
  • Notably, you should submit your report within three days to prevent potential damages of up to Rs 25,000.

• Communication with Insurance Companies:
  • To reduce your liability, the bank will notify the insurance company of the deception.
  • Bank compensation should be processed within 10 working days.

Cybercrime Portal

Fraudsters target bank accounts in various circumstances, such as work-from-home schemes or lottery fraud. Try calling bank officials if you lose money.

If your issue is complex and you don’t know where to report it, you can make a complaint on the Cybercrime portal.

How to Avoid Online Scams

The best approach to prevent being a victim of an online scam, however, is to be aware of the many sorts of scams and how to recognize them. You should also take precautions to safeguard your personal information and internet accounts.

• Never provide personal information to someone you do not know and trust.
• Clicking on links in emails or text messages should be done with caution. These links may direct you to a fictitious website that appears to be legitimate.
• Use strong passwords for your online accounts.
• Enable two-factor authentication for your online accounts. This will give an extra degree of security to your accounts.

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