Victim of online fraud? Here’s how you can save your money
2 years, 3 months ago

Victim of online fraud? Here’s how you can save your money

Live Mint  

Going digital has many advantages but it also makes us more vulnerable to online fraud. If the victim informs the bank within a stipulated amount of time of financial fraud, the onus falls on the bank to prove the customer has not been a victim of the fraud. A look at the Maximum Liability cover available as per RBI rules You can also call the helpline 155260 to report financial fraud. 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, as per the RBI guidelines. While there has been an increase in financial loss due to online scams, the banks and the RBI are taking steps to ensure no innocent customers suffer in case of such fraud.

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History of this topic

UPI users alert: Staggering Rs 485 crore lost to fraud in the first half of 2024-25
3 weeks, 5 days ago

UPI users alert: Staggering Rs 485 crore lost to fraud in the first half of 2024-25

India TV News  

The popularity of digital payments in India has skyrocketed, especially with the rise of smartphones and the Internet. Shocking Figures on Fraud A recent report revealed that in the first half of the year 2024-25, Indians lost around Rs 485 crore due to online fraud related to UPI payments. Looking back at previous years, in 2022-23, about 2.7 million people …

Cybercrime in India: A staggering loss of Rs 14,600 crore
2 months, 2 weeks ago

Cybercrime in India: A staggering loss of Rs 14,600 crore

ABP News  

The article highlights the staggering sum of Rs 14,600 crore lost to online financial fraud in India since 2020. It emphasizes the rise in cybercrime, particularly online financial fraud, which constitutes nearly 84% of the total cybercrime complaints reported. The article outlines the modus operandi of cyber scams, including phishing attacks, fake investment platforms, and cryptocurrency fraud. It also mentions …

Here is how you can recover money lost in UPI or banking fraud
1 year ago

Here is how you can recover money lost in UPI or banking fraud

India Today  

Digital transactions, including UPI and internet banking, have become integral aspects of our lives. Whether it's a UPI fraud, a banking scam, or a deceptive scheme offering online money transfers, scammers are constantly devising new ways to deceive people. UPI Fraud Unified Payments Interface has revolutionised digital payments in India, offering a quick and convenient way to transfer money. If …

Online scams hurt India's financial stability. A court order explains how
1 year, 1 month ago

Online scams hurt India's financial stability. A court order explains how

Firstpost  

Justice Swarana Kanta Sharma stated that the public becomes increasingly unwilling to deal with digital systems when faith in online transactions is undermined, which can considerably restrict financial inclusion, innovation, and economic progress According to the Delhi High Court, there is an urgent need to combat online financial frauds since they threaten the economic stability of the nation. In one …

How to stay safe from cyber fraud? Here are simple tips
1 year, 2 months ago

How to stay safe from cyber fraud? Here are simple tips

Live Mint  

While digital payments are convenient, they are also vulnerable to financial fraud, as the proverb goes: "Where money is concerned, scams always follow!" This improvement, however, throws a shadow: the rise of cyber fraud targeting investing platforms. As the wave of cyber fraud targets investment platforms, it is imperative for investors to arm themselves with knowledge and employ cautious behaviour. …

Online Payment: Take These Precautions To Protect Your Bank Account From Fraud
1 year, 9 months ago

Online Payment: Take These Precautions To Protect Your Bank Account From Fraud

News 18  

Have you heard the story of a Lucknow girl falling prey to online fraud? At first, they felt that it was a financial fraud of just Rs 1,200 but she checked her bank account. Today, we bring to you a list of precautionary measures that you can take to protect your bank account and yourself from online fraud: Install an …

5 Most Common Online Payment Frauds in India That You Must Know
2 years, 3 months ago

5 Most Common Online Payment Frauds in India That You Must Know

News 18  

With digital transactions taking over, we are increasingly seeing more online payment fraud. WATCH VIDEO: iPhone 13, 12 Prices Slashed After iPhone 14 Launch 1) UPI Frauds It is widely acknowledged that UPI is the most common way to make day-to-day payments in India. 2) Remote Access/Screen Sharing Frauds Time and again, we have seen the elderly and people new …

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India
2 years, 10 months ago

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India

News 18  

With the significant rise in the use of digital systems over the years, cybercriminals have swarmed the internet to perform online crimes such as data fraud, theft as well as hacking and the banking sector is also not out of their reach. Devious ways The most common forms of banking fraud in India are: Vishing- Phone calls pretending to be …

Online Fraud: How to recover your stolen money within 10 days
3 years, 2 months ago

Online Fraud: How to recover your stolen money within 10 days

Firstpost  

When people become victim of cyber fraud, many stay quiet while others cry over it. When hackers get access to the private details of an individual, including passwords and personal information, they easily withdraw money from the concerned person’s bank account. Any kind of transaction on a digital platform that is illegal and unauthorised is defined as online fraud, cyber …

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