How to report online financial frauds in India

Written on 05/26/2022


The role of technological advancements is to ease our efforts in daily lives. The internet has proved to be a massive boon when it comes to ease of access and service. Without leaving the comfort of our home, we can order things online, transfer money to someone across the globe, even order food at the click of a button. However, all this comes at a price, which is safety.

The boom of the internet has been so rapid that it has been difficult for security researchers to secure every aspect of the internet. In addition, the notoriety of black hat hackers and fraudsters has increased by the day. In this article, we will look at how you may report an online financial fraud in India, in case you have been an unfortunate victim of one or would like to help out someone else. 

What is online fraud?

To begin with, we need to understand what exactly online fraud is. Any crime which takes place online on the internet will be categorized as online fraud. There is a plethora of financial frauds plaguing us today, including phishing attacks, account hacking, credit card frauds, identity thefts, online wallet frauds and much more. Although these frauds fall under different sections of law, we will provide you with a basic overview and procedure to reporting an online financial fraud. 

In most cases, financial frauds are associated with your bank account as that is the source where you lose money from. Hence, the bank is the primary actor in this chain and needs to be notified at the earliest. If the fraud is associated with your credit or debit card, immediately call the helpline provided by each bank and block your card.

Also, make sure to highlight the unauthorized transactions and communicating this to the bank as well. You also need to write a formal written application to your bank branch highlighting the transactions and their details. You should also keep a copy of this application with receiving from the branch manager.

According to RBI regulations, all illegal transactions reported immediately to the bank will pay the amount back to the consumer, if there is no fault from your end. Make sure you inform the bank within 72 hours of the crime.

If you have been a victim of online financial fraud in India, there are a few steps you can take to report the crime and help authorities catch the culprits.

First, you should contact your bank or credit card company immediately to report the fraud and cancel any affected cards. Then, you can file a complaint with the cybercrime cell of your local police station.

To do so, you will need to provide them with some basic information about the incident, including when and where it occurred, how much money was involved, and any relevant details about the perpetrators. You should also keep all records and correspondence related to the fraud, as these can be helpful in building a case against the criminals.

With cybercrime on the rise in India, it is important to be vigilant when using online financial services. By taking some simple precautions and knowing how to report any incidents of fraud, you can help protect yourself and others from becoming victims of these crimes.

Take some simple precautions:

  • Never share your personal or financial information with anyone online unless you are sure that they are legitimate. This includes your passwords, bank account numbers, and credit card details.
  • Only use secure websites for financial transactions. Look for the https:// prefix in the URL and a padlock icon in your browser to indicate a secure connection.
  • Be wary of emails or pop-ups that ask you to confirm your personal or financial information. These are often attempts to steal your data. Do not click on any links or attachments in these messages.
  • If you suspect that you have been a victim of fraud, report it to your bank or credit card company immediately. You should also contact the cybercrime cell of your local police station so that they can investigate the incident.

By following these simple tips, you can help protect yourself from becoming a victim of cybercrime. 

Online FIR

But what if you did make a mistake? Simply say bye to your money? Not really. The next step would be to report the matter at the closest cyber cell in your vicinity. In cases related to cyber-crimes, you can even report the case in any cyber cell across the country as IT Act has a national jurisdiction. As part of your complaint, you need to provide your contact details and you need to address the complaint to the head of cyber-crime cell. In case you are unable to access any cyber-crime cell,

you can even file a First Information Report (FIR) in your local police station. If the police station refuses to entertain your complaint, you can always approach the Judicial Magistrate of your city. Also note that based on the nature of the fraud, you might have to provide certain documents or evidence like screenshots or transaction details to substantiate your claim. 

In case you feel that these measures are not adequate, you can also visit the online portal by the Ministry of Home Affairs called National Cyber Crime Reporting Portal. You may follow the steps provided on the website and register your complaint on the portal as well. You will receive an acknowledgement for your complaint, which can be used in any further communication. 

Online financial frauds do not harm us financially but also mentally. The trauma of dealing with the loss of money can have a long lasting effect on individuals. Hence, it is always advisable to seek help in these matters if you are unable to cope with the situation on your own.  

We, as part of the CopConnect initiative, provide assistance to online fraud victims in terms of legal and psychological support. In addition, we have a team of first responders who can be contacted to provide you the right guidance and steps to alleviate the damage done.

Reach us if you need more support!