Victims of cyber fraud made to run from pillar to post

Although RBI guidelines stipulate provision of multiple channels for reporting fraud, victims say they never get immediate response

Chandrasekar of West Mambalam, who lost ₹86,000 recently when a cyber fraudster withdrew money from his account, had a traumatic experience while trying to get the transaction reversed by the bank. He said: “I never shared any credentials with anyone over phone or any other electronic mode. I was shocked to receive an SMS stating that money was withdrawn from my account. Later, I had a harrowing experience with the bank staff.”

RBI guidelines say the customers must be advised to notify their bank of any unauthorised electronic transaction at the earliest. The customer should be made aware that the longer the time taken to notify the bank, the greater is the risk of loss.

Banks must provide customers with 24x7 access through multiple channels (via website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, and reporting to home branch) for reporting unauthorised transactions or theft of card.

The home page of the bank’s website should have a direct link for lodging the complaint, with a specific option to report unauthorised transaction.

“The loss/fraud reporting system shall ensure that immediate response (including auto response) is sent to customers acknowledging the complaint along with the registered complaint number,” the guidelines said.

“My card details were stolen and amount debited without me getting any OTP. The bank should follow the practice of confirming with the cardholders.