With the increase in digitization, the number of digital frauds is rising significantly. In such cases, the only hope victims have is to recover their losses by reporting them to Cyber Crime. But does Cyber Crime refund money?
This question is of great concern, and the answer depends on several parameters, such as:
- Type of fraud
- Time after which the scam was reported
- Regulations and policies
Currently, the most prevalent scams are IPO scams, clone trading apps, and other investment scams through Telegram or WhatsApp. All these financial scams are reported to Cyber Crime. The process of filing a complaint with Cyber Crime is simple and straightforward.
Ensure you have all the related proofs, such as screenshots, bank transaction details, and links shared by the scammer to make the investment.
Now the question is what happens after Cyber Crime complaints?
Well, Cyber Police proceed with the investigation and on gathering relevant evidences, instruct the bank to freeze the scammer’s account and puts all transactions on hold.
Further investigation and legal assistance can increase the chances of recovering the capital lost. However, the percentage of refund varies and depends significantly on how quickly you report the case.
Here are some crucial timeframes to consider when you file a complaint in Cyber Crime:
- Within 3 Days: If you report a case within 3 days of the fraud, the chances of loss recovery increase significantly. In some cases, victims receive reimbursement of the entire amount.
- Within 7 Days: It’s always best to act quickly because your capital is in the scammer’s bank account. Scammers plan ahead and stay one step ahead of your actions. So, before they take their next step, you must proceed with filing and reporting the case to Cyber Crime.
If you delay beyond 7 days, banks might not take the necessary actions, and you might lose your money.
In addition to the timing, several other factors affect reimbursement, such as:
- Type of Fraud: After reporting the financial case to Cyber Crime, banks get involved. Banks assess the sensitivity of the scam. For example, if the victim shared personal details like a PIN or password, the chances of loss recovery are almost zero.
- Documentation & Drafting: The way you report your case to Cyber Crime impacts the probability of recovery. Proper documentation and drafting of your case are crucial.
Additionally, cooperating with the investigation department and banks by responding to emails and calls promptly increases the chances of recovering losses.
Stay updated with RBI guidelines to avoid such frauds and reach out to us to file your case to Cyber Crime.
