Have you been scammed online and filed a complaint against a scammer? Wondering, can banks recover scammed money?
Well, you are not alone. The number of online frauds is on the rise, and in such a situation, banks are getting super active to prevent fraudulent transactions and provide assistance in recovery.
However, to get scammed money back, you need to follow a few important guidelines and take necessary action without any delay.
Let’s break down the steps involved in getting recovery from the bank.
Can Banks Recover Scammed Money in India?
Now, before moving ahead, let’s first focus on the meaning of scammed money.
The money is called scammed money if you lost by:
- Clicking a fake link and giving away OTPs or card details
- Transferring money to someone impersonating a bank or authority
- Paying for goods/services that never arrived
Coming to the question of whether you can get your money back from the bank?
Then the answer is ‘Sometimes’.
It depends on:
- How fast can you report the fraud
- The type of scam
- Whether the money has already left the scammer’s account
As per RBI guidelines, if you have been a victim of unauthorized transaction, then timely reporting within 3 days, can prevent you from major losses and also help you in getting recovery of the lost amount.
How Long Do Banks Refund Scammed Money?
Now there are two different scam cases, one where hackers hack your account without your knowledge and process unauthorized transactions.
For example:
- If someone hacked your net banking and withdrew ₹20,000
- You had no role in the fraud
- You informed the bank within 3 days
You get a full refund, usually within 10 working days.
And the other one is where you yourself share OTP or details. Now in this case, things get tricky.
If the scam happened due to your negligence (like sharing OTPs or passwords), the bank may deny full recovery.
In such cases:
- The bank investigates
- If they find your role in the loss, they may refund only a partial amount or nothing at all
Still, it’s worth reporting. Many banks take a goodwill approach in small-ticket scams.
What If You Get Scammed Online?
Now, these days cyber frauds are on the rise, targeting people on job portals, telegram, WhatsApp, and even on dating & matrimonial apps.
In such a case, if you make any payment just to get a job or to buy any trading scheme, then banks usually cannot reverse the payment.
However, if you take the necessary action to file a cyber crime complaint, then banks can freeze the suspect’s account, which can help in a partial or full refund.
Cyber Crime Complaint Time Limit
So, to get a refund of scammed money from the bank, you must act.
In general, there is no specific timeline to report such a case; however, reporting within 3 days increases the chances of full recovery. Delay in reporting either provides you with a partial recovery or sometimes with no recovery
Other than this, take the following actions to get your lost money back.
- Call your bank helpline immediately
- File a written complaint (email or branch visit)
- Note down the complaint number and keep a track of its status.
Conclusion
To summarize your doubt, Can banks recover scammed money’ The answer is:
YES — if the fraud was unauthorized and reported quickly
NO — if you delayed or shared OTP/details willingly
MAYBE — in partial fraud cases or scams involving fake services/products
In case you need assistance in reporting any such cyber or online fraud, register with us now. Our team will assist you in end-to-end reporting and filing of a complaint to the respective department.
