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

Digital transactions, including UPI and internet banking, have become integral aspects of our lives. However, the convenience of online payments is also bringing risk of falling victim to various scams and frauds. 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. To ensure your safety, it's crucial to be aware of the types of scams and, more importantly, understand how to recover lost money.

Here is a detailed guide on the steps you can take if you or someone you know has fallen victim to an online scam.

UPI Fraud

Unified Payments Interface (UPI) has revolutionised digital payments in India, offering a quick and convenient way to transfer money. However, UPI transactions are not immune to fraud. If you become a victim of UPI fraud, follow these steps:

-- Reporting to UPI Service Provider:

• RBI (Reserve Bank of India) guidelines suggest that the first and foremost step in case of UPI fraud is to inform the UPI service provider (e.g., GPay, PhonePe, Paytm) about the fraudulent transaction immediately.
• Flag the transaction and request a refund through the service provider's support mechanisms.

-- NPCI Complaint Portal:

• If your UPI service provider is unresponsive, file a complaint on the National Payments Corporation of India (NPCI) portal at npci.org.in.
• Alternatively, file a complaint with the Payment Service Provider (PSP) bank and the bank where you maintain your account.

-- Banking Ombudsman and Digital Complaints:

• If the issue persists for 30 days, approach the Banking Ombudsman or the Ombudsman for Digital Complaints.
• Submit an official complaint to the Ombudsman following RBI guidelines for digital transactions.
• You can also do this online at cms.rbi.org.in or by sending an email to the Banking Ombudsman at crpc@rbi.org.in .

Banking Frauds

Banking frauds involve cybercriminals stealing sensitive information to conduct unauthorised transactions. This can be through phishing links, or hacking of systems. If you fall victim to such fraud, take these steps:

-- Immediate Reporting to the Bank:

• Notify your bank about the unauthorised transaction as soon as possible. Notably, file your report, within three days to avoid potential losses up to Rs 25,000.

-- Insurance Company Communication:

• The bank will inform the insurance company about the fraud to limit your liability.
• Compensation from the bank should be processed within 10 working days.

Cyber crime portal

In other cases, such as work-from-home scams or lottery fraud, fraudsters target bank accounts. If you lose money, try contacting bank officials.
If your case is complicated, and you're unsure where to report it, you can file a complaint on the Cybercrime portal.
You have the option to report the fraud to local police or register a complaint on the National Cyber Crime Reporting portal (Helpline Number - 1930) either by calling or online through cybercrime.gov.in.

How to prevent online scams

However, the best way to avoid becoming a victim of an online scam is to be aware of the different types of scams and how to spot them. You should also take steps to protect your personal information and your online accounts.

• Never give out your personal information to anyone you do not know and trust.
• Be careful about clicking on links in emails or text messages. These links could take you to a fake website that looks like a real website.
• Use strong passwords for your online accounts.
• Enable two-factor authentication for your online accounts. This will add an extra layer of security to your accounts.