RBI Refund Policy: In today’s time, payment through UPI and debit-credit cards has become an important part of people’s lives. Be it a small shop or a big shopping mall, people everywhere now use digital payment instead of cash. But as digital payments are increasing, the cases of online fraud and cyber fraud are also increasing. In such a situation, the rules of the Reserve Bank of India (RBI) work to provide security and relief to the customers.

According to RBI, if money is deducted from your account due to fraud or technical fault and you inform the bank within 5 days, then you can get the entire money back under zero liability. That is, if there is no fault of the customer in this fraud, then the bank will have to return the entire amount. However, in many cases, if you file a complaint, the bank is required to resolve the entire matter within 90 days.

Refunds are given on the basis of responsibility

Usually the bank decides the refund on the basis of your responsibility and fault.

• Zero Liability: If this fraud has happened due to the bank’s mistake or system error and it is not your fault, then you will get the entire money back.
• Limited Liability: If you delay in filing the complaint, i.e. not within 5 to 6 days, then only a part of your loss will be refunded.
• Full Liability: If fraud occurs due to your small mistake in sharing OTP, PIN or CVV, then it may be difficult to get a refund.

Big relief from RBI to pensioners, even if excess money comes into the account, banks will not be able to deduct even one rupee without informing.

What to do immediately in case of fraud?

If you too get cheated online, then instead of panicking, take these steps as soon as possible. With this you can get your money back soon.

• Immediately give information and card to the bank, get UPI blocked.
• Call cyber crime helpline number 1930
• Change all your banking passwords and UPI PIN
• Check your bank statement carefully and report unknown transactions
• Keep the complaint number and evidence safe with you.
• Register an FIR if necessary

Easy way to avoid fraud

• Do not share OTP, PIN and password with anyone.
• Never trust any unknown link or number
• Use only official apps and websites
• Always verify carefully before making UPI payment.

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As Valentine’s Day is coming closer, online search, gifting, shopping and social media activity is also increasing rapidly. People are planning gifts, trips and surprises to make their partners feel special on 14th February. But cyber scammers have also started taking advantage of this opportunity. In fact, a small click in the name of love and gift can empty your bank account. In such a situation, let us tell you today that scammers have also become active during Valentine’s Week, in such a situation, you too have not received the message of free gift and I love you.

Be alert from romance scams

Romance scams are seen the most during Valentine’s Week. These scams usually start from dating apps and social media platforms. Scammers create fake profiles and first have normal conversations, then gradually send emotional things or messages like I love you. After building trust, money is demanded on the pretext of medical emergency, job problem or coming to meet. In many cases, the front account disappears as soon as the money is sent.

Free gift and delivery message

During Valentine’s Week, many people suddenly get a message or call that a surprise gift or flower delivery has come for them. For this you are asked to click on the link or share OTP. By doing this the scammers gain access to the bank account. Relying on such messages without any confirmation can prove costly.

Beware of giveaway scams

During Valentine’s Week, posts about winning free dinner, holiday packages or expensive gifts go viral on social media. By clicking on the link given in these posts, you are asked to fill the form and deposit a small amount in the name of processing fee. Actually these links are fake, through which both your data and money are stolen.

Trap of fake online shopping websites

The craze for shopping increases on Valentine’s Day. Taking advantage of this, scammers create fake websites that look like the real thing. They are lured by big discounts and cheap prices. As soon as a user enters his personal details or bank details here, his information gets stolen.

acquaintance scam

In some cases, scammers call and claim that someone you know has sent a message or gift for you. They try to win trust by showing name, photo or other information and then immediately demand OTP. Once the information is shared, the bank account gets compromised.

How to keep yourself safe?

• Do not click on unknown links.
• Do not share OTP bank details or personal information with anyone.
• Avoid the temptation of too cheap offers and free gifts.
• Be sure to check before shopping from a new or unknown website.

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