How to Recover the Money lost in a Cyber Fraud?
Without a question, the time we are living in is seeing technological advancements that probably none of us thought of around a decade ago. It wouldn’t be wrong to say that our real existence today relies heavily on the virtual cyberspace we have created out there.
The digital banking system has proved to be the most noticeable perk of this cyber reliance. This has totally transformed the banking and transactional experiences of people. From bank counters to the billing counters of shopping centres, the long queues have diminished now.
But the vulnerabilities are parts and parcel of every perk adopted by the masses and these online transactions stand no exclusion to this list.
We all keep on encountering a number of scam calls or weblinks while surfing the internet probably on a daily basis. Despite tons of efforts by authorities to make people aware of online scams, we tend to make mistakes quite often (humans after all!) and these mistakes cost us our hard-earned money.
This article is all about undoing the same mistake and recovering the money lost to cyber fraud and if you are someone who is an avid internet user, you need to read it till the end.
Recently the government of India launched Citizen Financial Fraud helpline number 1930 for the victims of cyber frauds and also announced that the previous helpline number 155260 will be phased out gradually.
How does fraud reporting work?
The cyber cell deals with the menace in 4 gradual steps which are as follows;
- Reporting and Initiation of action
As a victim who lost money to cyber fraud, the individual is supposed to call 1930 thereafter police personnel will ask for minimum details and evidence of the scam. They will generate a ticket number for the complaint. Alongside this, the cyber police will also intimate the beneficiary bank and wallet merchant to ‘stop’ the transaction and put the amount to a halt.
- Trailing And Freezing
As soon as ‘stop’ intimation is given, the system will stop the flow of funds and will report back to the portal.
If in case the money has already been transferred, an alert will be sent to freeze the beneficiary account and render it unfunctional for online or offline transactions.
- Formal Complaint Filing
The complaint confirmation of step 1 is received in form of an SMS containing the reference number and a link to www.cybercrime.gov.in
The victim will then be required to file a formal complaint on the link provided within a span of 24 hours for further proceedings, to begin with.
- Getting the money back
After the complaint is registered formally on the portal, the police will swing into action to revert the money to the victim's account and investigations will kick start to trace the fraudster and book him/her under penal laws.
Note: In case the formal complaint is not lodged within 24 hours of calling the helpline, the frozen account will be set free and the concerned account will be able to do its transactions normally.
This portal will be of great help in real-time incident reporting, escalation and resolution of the issue. However, It will always be an appreciable thing to not fall for the online scams in the first place itself by surfing the internet responsibly and staying geared up with online fraud preventive apps such as FinLock on your device. Finlock plan also gives an assurance through cyber insurance of Rs. 1 lakh that makes the recovery hassle-free.