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Shubh Chintak

Digital frauds – Immediate actions after fraud has happened

Digital frauds – Immediate actions after fraud has happened

Over the past few years, the fintech industry has experienced unprecedented growth. From online KYC methods to seamless online payments, consumers have grown accustomed to the elevated comfort offered by digital finance services.

Unfortunately, digital advancement has also given rise to the pervasive threat of digital fraud in India. A report by the RBI suggests that the number of digital scams in the banking sector increased from 13,530 in 2022-23 to 29,082 cases in 2023-24.[1]

These digital frauds are happening in all sections of society. That is why knowing the appropriate actions after encountering online fraud has become critical. This article aims to empower you with that knowledge, including steps to report a digital fraud in India and avoid such digital scams in the future.

Types of digital fraud

With the advent of digital technology, online scams and frauds have increased in number and become much more innovative and harder to identify. Hence, being aware of the most common digital fraud types is paramount.

  1. Phishing

Phishing scams involve fraudsters posing as legitimate entities to trick you into revealing sensitive information. These types of online scams are typically executed through emails or SMS. They might pose as banking officials or lottery facilitators, asking for your sensitive information to credit money into your account.

  1. Vishing

Voice phishing, or Vishing, is a form of cyber fraud over phone calls or voicemails. Like phishing, scammers might create a sense of urgency and ask you for your OTP or card details to scam your hard-earned money.

  1. Skimming

Skimming involves the illicit capture of credit card information from unsuspecting victims. Criminals install small devices on ATMs or point-of-sale terminals to record your card data when swiped. Criminals then use that data to create fake debit or credit cards and steal money from the victims’ accounts.

  1. Website spoofing

Website spoofing is a type of online scam where fraudsters create fake websites that mimic legitimate ones. They use these deceptive sites to collect personal and financial information from you and then use it to rob you of your money.

  1. Malware attack

Malware attacks involve the deployment of malicious software on your device. These programs can steal data, log keystrokes, or gain unauthorized access to your personal or financial accounts.

Steps to take after being scammed

In case you have been the victim of an online scam and fraud, you need to follow these steps immediately:

  1. Contact your bank

If your money has been debited through a potential digital scam, immediately contact your bank. You should inform the customer support executive about the fraud and provide them with all the necessary details about the fraudulent transaction. Additionally, you can ask the bank if getting a refund on the scammed amount is possible.

  1. Block your bank account and card

You must ask your bank to block or freeze your account temporarily to ensure the fraudster cannot scam more money out of your account. In addition, you can also block all your active cards and apply for a new one.

  1. Report digital fraud to the nearest police station

Your next step should be to approach your nearest police station and file a fraud report. You need to provide as many details as possible about the digital fraud in banking and convey the method of communication used by the scammer. You should also file a separate report to the National Cyber Crime Reporting Portal.

  1. Monitor your account activity closely

Informing the concerned authority is an important step, but it is certainly not the final one. For the next few days, you must closely monitor your banking activities to ensure the fraudster has no more access to your bank account.

How to report online fraud?

One of the very first things you should do after getting scammed is to file an official fraud report:

  1. Gather supporting documents

Before registering a complaint, ensure you have all the necessary information to prove your case. The supporting documents should include account statements, the fraudulent email or SMS, screenshots of transactions, the communication method used by the scammer, and, if possible, call records of the fraud.

  1. Register a complaint at the nearest police station

Digital fraud in the online banking world can be reported to the police. So, immediately notify the digital fraud in banking to the police station and ask them to file an FIR against it. Ensure that the supporting documents are also included in the report.

  1. File an online complaint with the cybercrime cell

You can also register a complaint for an internet banking fraud online with the cybercrime cell. For this, you need to head to the National Cyber Crime Reporting Portal and provide the necessary details as asked.

Measures to avoid digital scams

Whether you have faced any digital fraud types or not, you must adopt certain habits to avoid any digital fraud in India in the future.

  1. Educate yourself

One of the biggest reasons behind the prevalent online scams and frauds in our country is the lack of awareness. As an informed consumer, you must be aware of the common tactics used by scammers. Avoid calls or messages that either promise a huge bounty or threaten to block your account for no reason.

  1. Use verified apps or websites

You must ensure that the website or apps that you are using are legitimate and trustworthy. Filling in your essential details without background checks can be a colossal blunder. Always verify the website URL and app authenticity before inputting sensitive information.

  1. Strengthen online security

Use strong, unique passwords for each account, and consider employing a reputable password manager. Additionally, install anti-malware apps or software to stay safe from fraudulent attacks.

  1. Avoid sharing sensitive information

Do not share your passwords, OTPs, and card details with anyone. No banking authority will ask for your OTP or card PIN. Hence, if someone asks for this information out of the blue, immediately cut contact with that stranger.

Conclusion

Digital fraud in banking and other online realms constantly threatens our interconnected world. Falling victim to digital scams can be distressing, but swift and informed action can mitigate the damage.

At Tata Capital, we believe in providing timely assistance to our customers in such tragic emergencies. If you encounter online scams and fraud, immediately contact us for further assistance.

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FAQs

What is digital fraud, and what are some common types in internet banking?

Digital fraud in banking refers to an act in which you are cheated through the internet or digital systems. The most common digital fraud types are phishing emails, UPI fraud, fake calls asking for OTPs, card details theft, and unauthorized transactions through online banking or mobile apps.

How to recognize online scam calls, emails, and SMS fraud?

Scam messages/calls create urgency, ask for OTPs or passwords, or offer fake rewards. They may come from unknown numbers, contain spelling mistakes, or suspicious links that do not match official bank websites.

What should I do immediately if I am a victim of digital fraud in India?

If you face digital fraud in India, you must immediately block your card or account using the bank helpline or app. Make sure you report the issue to your bank, change passwords, and call the cybercrime helpline number 1930 as soon as possible.

Who should I report digital banking fraud to in India?

You should first report an internet banking fraud to your bank. Next, you must file a complaint on the National Cyber Crime Reporting Portal or call 1930 to report the fraud to the Indian cybercrime authorities.

What are banks and RBI doing to prevent digital fraud & online scams?

Banks and RBI use OTP-based verification, transaction alerts, AI-based fraud monitoring, and customer awareness campaigns to prevent online scams and fraud. The RBI also issues guidelines, limits liability, and regularly updates security rules to reduce the risk of online fraud.

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