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Immediate Plan of Action for Financial Fraud Victims in India

Updated: Mar 2

STOP, REPORT, AND DOCUMENT!

Time is critical! If you realize you have been a victim of financial fraud, act immediately. Follow this structured action plan:


Financial Fraud
Financial Fraud


1. IMMEDIATELY BLOCK All Affected Accounts


Bank Accounts:

  • [Offline or Online or Via Call] Call your bank’s official customer care number (found on the bank’s website or passbook) within 3 hours of incident (High chance of return)

    • Do not forget to collect the acknowledgement number of the complaint number (You will add this number in the Cybercrime complaint portal)

  • Request to block your account and all associated debit/credit cards.


UPI Apps & Wallets:

  • Block your UPI ID or wallet account through the app or contact customer support.

  • Change your UPI PIN immediately if compromised.


Report the Fraud to the Bank/UPI Provider:

  • Inform your bank and the UPI app provider (e.g., PhonePe, Google Pay, Paytm).

  • Request them to flag the transaction and start an investigation.



2. REPORT the Cybercrime to Authorities within 3 hours of incident (High chance of return)


National Cybercrime Reporting Portal (NCRP):

  • [Most Effective Way] Call the Cyber Helpline Number: 1930 (available 24x7).

    • This helpline number has the authority to freeze the fraudulent amount in the accused account immediately.

      Note: Banks also have this authority, and you must request them to take action. Otherwise they will NOT.

  • File a complaint online at https://cybercrime.gov.in/.

  • This portal connects to law enforcement agencies across India.


Cyber Cell of Local Police Station:

  • Visit your nearest police station’s Cyber Cell and file an FIR (First Information Report)

    • [MANDATORY] Add the Cybercrime compliant acknowledge number which you received from the https://cybercrime.gov.in/ in your FIR

    • Why this is mandatory: In the future, if you believe that the money is being returned to your account, you can request the respective court to direct the police to take appropriate action on this FIR.

  • Keep a copy of the FIR for legal and insurance purposes.


Clear Instruction from RBI:

What to Do If You Detect an Unauthorised Transaction?

  • Inform your bank immediately.

  • Take an acknowledgment from the bank for your complaint.

  • The bank must resolve your complaint within 90 days from the date of receipt.

Who Bears the Loss?

  1. If the Fraud Happened Due to Your Negligence:

    • If you shared your password, PIN, OTP, or other confidential details, you are liable for the loss until you report it to the bank.

    • Any fraudulent transactions after reporting must be reimbursed by the bank.

  2. If You Delay Reporting:

    • The more you delay in notifying the bank, the higher your loss.

    • Liability will be determined based on RBI guidelines and the bank’s board-approved policy.

Key Advice: Always act immediately to limit financial loss and ensure the bank takes appropriate action.



3. DOCUMENT EVERYTHING


Transaction Details:

  • Take screenshots or note date, time, amount, beneficiary details, UPI transaction ID, and account numbers.


Communication Records:

  • Save SMS, emails, chat conversations, and call logs related to the fraud.


Account Statements:

  • Download and keep bank statements showing fraudulent transactions.



4. INFORM Family and Friends

  • Warn your close circle about the scam so they do not fall victim.

  • Seek emotional support—fraud cases can be stressful.



5. FOLLOW UP with Bank and Police

  • Stay in contact with your bank and the Cyber Cell to track the investigation progress.

  • Understand that fund recovery can be challenging and time-consuming.


If your case is not resolved even after complaint to Bank & Police

6. RBI’s Ombudsman for Unresolved Cases

If your bank fails to resolve your fraud complaint, you can escalate the issue to the RBI Ombudsman.


How to Report to the RBI Ombudsman:

  1. File a complaint online: cms.rbi.org.in.

  2. Wait for 30 days or for the bank’s final response before approaching the Ombudsman.

  3. Choose the type of entity (Bank/NBFC/Payment System) and submit your complaint.

  4. Ombudsman will investigate and facilitate a resolution.


Alternative Methods:

  • Call RBI Ombudsman Office: Toll-free number 14448.

  • Send an email or letter to the Ombudsman office.


Key Notes:

✔ This is a free service, and no lawyer is needed.

✔ The Integrated Ombudsman Scheme covers banks, NBFCs, and payment service providers under a single framework.


What to do if your cyber fraud money is not recovered even after filing a complaint with the bank and police? - https://www.biswajitsahu.com/post/what-to-do-if-your-cyber-fraud-money-is-not-recovered-even-after-complaint-to-the-bank-police

⚠️ IMPORTANT SAFETY NOTES

✔ NEVER share your PIN, OTP, or passwords with anyone. Banks and financial institutions never ask for this information.

✔ Beware of unsolicited calls, messages, or emails offering quick money or demanding urgent action.

✔ Verify website and phone number authenticity before entering personal or financial details.

✔ Use only official websites and apps for financial transactions.

✔ Install and update antivirus software to protect your devices.

✔ Download apps only from trusted sources (Google Play Store, Apple App Store).

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