What to do if you lose money to a bank fraud
While you may be able to recover the money, the process takes time
People should avoid using unsecured WiFi and have the latest anti-virus software on their devices
With the number of bank frauds increasing, you need to be doubly careful about your transactions, especially online ones. According to the Reserve Bank of India’s (RBI) annual report for 2018-19, the number of cases of frauds reported by banks increased by 15% in 2018-19 on a year-on-year basis, with the amount involved rising by 73.8% from ₹41,167 crore in 2017-18 to ₹71,543 crore in 2018-19. Frauds related to advances (90.2%) were predominant while frauds relating to card, internet and deposits constituted only 0.3% of the total value of frauds in 2018-19, amounting to ₹220 crore.