As we all know that digitalization is the future and in the era of increasing digital transactions, the incidents of bank account frauds have increased rapidly. Unauthorized transactions are illegally taking place. It has been defined as online fraud, digital fraud, or cyber fraud.

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Hackers get the details of your account and withdraw money from it. However, even after suffering the loss people tend to stay quiet as they do not know what can be done. But it is important for you to know that you can get your full money back if such incidents happen.

 

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The Reserve Bank of India (RBI) has said that even after any unauthorized transaction, you can get a full refund. RBI further said that by giving immediate information about any such transaction you can avoid losses.

According to the RBI, 'If you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, but also zero, if you notify your bank immediately.'

How to get the refund?

People often wonder if fraud has happened then how will the money be returned? Also, if you complain after withdrawing money from the bank account, then from where will the bank return the money.

You can know that banks take insurance policy in view of such cyber fraud. The bank will inform about the fraud directly to the insurance company and from there it will compensate your loss by taking the insurance money. Insurance companies are also giving direct coverage to people to avoid cyber fraud.

Complain within 3 days of fraud

If someone wrongly withdraws money from your bank account then you will have to complain about the incident to the bank within three days. IF you do so then you will not have to bear any kind of loss.

RBI has also said that the fraudulently withdrawn amount from the customer's account will be returned to his bank account within 10 days on informing the bank within the stipulated time.

However, if the person informs about the fraud after 4-7 days then in such cases the customer will have to bear the loss of up to Rs 25,000, RBI said.

Get insurance for cyber fraud

If you want, you can also get insurance to avoid cyber fraud. Several companies provide such insurance.

The Reserve Bank has issued new guidelines on customer protection, limited liability of customers in unauthorized electronic banking transactions (Customer Protection Limiting Liability of Customers in Unauthorized Electronic Banking Transactions).