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Initially, when banks became a real thing, people were wary of putting their hard-earned money with the banks. However, things changed over the years and banks are a reliable and profitable place to keep money. With UPIs making financial transactions fast and convenient in the blink of an eye, bank transfer payment fraud caught the users in a dilemma. Here, we are attempting at clearing the clouds around bank frauds and what needs to be done.
Have you or one of your acquaintances ever got a call asking you to share your bank account details or one time password - an OTP, telling you a story of how your parents owe him/her some money, or that the person at the other end has to transfer Rs 25,000 to you. If you end up sharing the details sought, it leads to bank transfer fraud because the person at the other end has somewhat hacked a system digitally so that entering such details approves the financial transaction and the money is debited from your account. In some cases, bank transfer fraud case could involve a duplicate or stolen debit card when all you get is a text message on your registered mobile number, informing about the amount debited. So in most of the cases, there is some lack of vigilance which results in bank payment fraud.
It is an easy bait, a trap when a scammer asks for your bank details to send money. With the temptation to get easy money, people end up sharing their banking details with an unknown person, who at the other end is all set to withdraw money from your account, awaiting those details allegedly aimed at crediting money to your account. There also have been scams when just to build trust, a person keeps on sending smaller amounts and then commits a bank transfer payment fraud involving an amount much bigger than the chunks initially transferred to the victim.
When you encounter a bank transfer payment fraud in India, inform your bank about the incident and get an acknowledgement of the same. There are RBI guidelines to the rescue which help get back the money. The guidelines particularly help the vigilant users. So if you did not divulge any sensitive information with the fraudster and inform the bank about the fraud committed upon you, you have the chances to get back the 100% amount. If at all the fraud was committed through a digital platform, cyber crime lawyers can help with proceeding legally against the fraudsters.
Your bank is the first authority to be contacted in case you become a victim of payment fraud. If you are confused about whom to approach so that your money is refunded and no more frauds are committed, being informed is the key. The experts at Online Legal Query can assist with the technicalities of the process and also help with the legal steps to safeguard your interests.