Skip to main content

What to do if you are a victim of cyber theft involving mobile wallet/bank account

Since mobile banking has become more popular in India, issues like malware, SIM swaps, etc have increased according to a 2014-15 report of Pricewaterhouse Coopers Pvt Ltd on banking fraud.

Mobile banking, which is gaining appeal due to its convenience comes with several concerns as well. Banking fraud via sim swap is a reality. It is also hard to stop as fraudsters carry out identity theft, then get your current SIM blocked and purchase duplicate SIMs from service provider outlets using forged ID proofs. The OTPs are then received on that SIM and it is then used to carry out financial transactions in your name.

What to do after banking fraud?

–You should get in touch with your bank immediately, and get all your cards hotlisted or change your login credentials immediately. Take a complaint reference number and follow it up.

–The cyber crimes unit run an online fraud and banking fraud cell. If you are a victim of such a fraud, you should immediately approach the cyber cell and file a detailed complaint.

–You should put in a written complaint with the bank, mobile service provider, mobile wallet company, third party vendor or any other party you expect could've been the route of the fraud.

–Follow up with your complaints. Generally, if banks lose your money through procedural lapses, they will restore it to your account in a few days. But in cases of fraud, the process can be protracted and you need to pursue it diligently.

–If the bank/wallet company doesn't cooperate, you can always take the legal route and file a case in the appropriate forum to get some form of judicial relief.

-- File a case at your city consumer forum. This is the easiest and fastest working legal route. 

–Do an FIR with the police. This will add weightage to your case at the bank. Police will also start it's own investigation.

--Make sure you keep all the correspondence with the other party on official written record. This counts as evidence in court.

–You can take the help of an ombudsman if your case is dismissed within a period of 30 days.

–If the ombudsman doesn't offer relief, you can approach the RBI deputy governor who is the appellate authority in such matters.

–You should keep following up with the case's progress with the police and if you get no respite, take the case to court

Comments

Post a Comment

Popular posts from this blog

Best IELTS and English language training institutions in Hyderabad

IELTS stands for International English Language Testing System. As the name implies it is basically an English test for testing the proficiency of the language in an individual.  Training for IELTS can be taken to pass the IELTS exam or to develop good english language skills. I am giving the training institute addresses for Hyderabad. The test system is jointly managed by the British Council,IDP education ltd and University of Cambridge ESOL Examinations and more than 1 million candidates are taking the exam all over the world. The test has two versions : 1. Academic 2. General training Academic  version is for people who plan to continue their higher education by enrolling in universities in countries like US,UK,Australia,Canada,New Zealand etc.The academic institutions in these countries consider the IELTS score as a criteria for the admission process. General training is mostly for immigration purposes in countries like Australia,New Zealand,Canada etc. It may ...
9 comments
Read more

How to use home loans most effectively for tax benefits

1) Deduction on interest: If you are paying EMIs for a home loan you took to buy a house, the interest component in the EMI can be claimed as deduction. You must be both an owner and a co-borrower (in the loan) to claim tax benefits. This deduction can be claimed starting the year in which the construction of the house is completed. Suppose the construction of your house was completed on August 30, 2014, you can claim deduction for interest for the entire 12 months in financial year 2014-15. So every year a maximum of Rs. 2 lakh can be claimed for a house that you use for your own residence. If your house is rented, the entire interest for the year can be claimed as deduction. The interest payments for the year shall result in a loss under the head 'income from house property'. This loss can be adjusted against in the same year against other heads of income in your income tax return including salary. Therefore, it reduces your total taxable income and the tax you pay thereon. A...
2 comments
Read more

Intellectual battle against ISIS as important as Military: Sheikh Makhtoum of Dubai

The global financial crisis taught the world how profoundly interdependent our economies have become. In today's crisis of extremism, we must recognize that we are just as interdependent for our security, as is clear in the current struggle to defeat ISIS. Mohammed bin Rashid Al Maktoum, VP and prime minister of the UAE, ruler of Dubai If we are to prevent ISIS from teaching us this lesson the hard way, we must acknowledge that we cannot extinguish the fires of fanaticism by force alone. The world must unite behind a holistic drive to discredit the ideology that gives extremists their power, and to restore hope and dignity to those whom they would recruit. ISIS certainly can – and will – be defeated militarily by the international coalition that is now assembling and which the UAE is actively supporting. But military containment is only a partial solution. Lasting peace requires three other ingredients: winning the battle of ideas; upgrading weak governance; and ...
Post a Comment
Read more