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Ramalingam Kalirajan |7097 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Jan 23, 2024Hindi

I have reported a fraudulent (phishing message) transaction to the bank with all details within 1 hour and reported to national cyber crime as advised with 2 hours of this transaction. I am following up with all regulatory authorities- HDFC remitter account, INDUSIND BANK payee account, RBI, NIC , for reversal of transaction. But bank says this is beyond their jurisdiction, as the transaction was done at my end with otp. What i am given to understand that if by mistake you transfer to some other account, banks will not share any information of the receiving person/account., after raising the written complaint with bank, cyber crime, RBI; and when they have a KYC registered system.

Ans: You're absolutely right to be following up on this fraudulent transaction. Here's a breakdown of the situation and potential next steps:

Challenges:

Time Sensitivity: Acting quickly after a fraudulent transaction increases the chance of recovery. You've done well by reporting it within an hour to your bank and cybercrime authorities.
OTP Verification: Since the transaction was authorized with your OTP, retrieving the funds might be difficult. However, it's still important to pursue all avenues.
Recommended Actions:

Follow Up with Bank: While the bank might initially say it's beyond their control, be persistent. Request to escalate your complaint and speak with a supervisor or fraud department representative. Explain the fraudulent nature of the transaction and the promptness of your reporting.
Cybercrime Investigation: Cooperate fully with the cybercrime investigation. Provide any additional information they request and maintain communication.
RBI Complaint: If the bank remains unhelpful, consider filing a formal complaint with the Reserve Bank of India (RBI) Ombudsman. Here's the link to file a complaint with the RBI Ombudsman: [RBI Ombudsman Complaint ???? ????]https://rbi.org.in/Scripts/Complaints.aspx
Dispute with IndusInd Bank: While they might not share beneficiary details due to privacy regulations, you can try filing a dispute with IndusInd Bank, stating the fraudulent transaction and requesting a reversal.
Additional Tips:

Gather Evidence: Maintain copies of your complaint documents, cybercrime FIR (First Information Report), and all communication with banks and authorities.
Report to Credit Bureaus: If the fraud impacted your credit score, consider reporting it to credit bureaus (CIBIL, Experian, Equifax) to initiate a dispute resolution process.
Understanding KYC Limitations:

KYC (Know Your Customer) helps verify account holder identities. However, it doesn't guarantee the legitimacy of every transaction. KYC details might not be readily available due to privacy regulations, making it harder to track fraudulent beneficiaries.
Stay Hopeful:

While recovering the funds might be challenging, your prompt actions increase your chances. Persistence and following the recommended steps can help.

Remember, it's important to be cautious with future transactions and never share OTPs with anyone.

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