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This Is How You Can Get Your Money Back

Last Updated: January 17, 2023, 12:10 IST

Depending on whether the money was stolen from the victim's bank or the wallet, a ticket is issued to the relevant banks, wallets, merchants, and so on.

Depending on whether the money was stolen from the victim’s bank or the wallet, a ticket is issued to the relevant banks, wallets, merchants, and so on.

The Ministry of Home Affairs has operationalised a centralised helpline number 155260 and a reporting platform for victims of cyber fraud incidents.

As digitalisation makes its inroads deep into India and across the world, the perils of online fraud also persist. Several countries have seriously looked into the matter and are working towards reigning in such frauds. A 2021 report by a security research firm Norton Lifelock highlighted that around 2.7 crore adults in India have been victims of online fraud. Hence, taking another step, the Ministry of Home Affairs has operationalised a centralised helpline number 155260 and a reporting platform for victims of cyber fraud incidents.

The Citizen Financial Cyber Frauds Reporting and Management System, a centralised integrated system for police, banks, e-wallets, and other stakeholders, will support the helpline’s staff of local state police. A police official described the functioning of the system. The police operator notes down the fraud transaction details and the caller’s basic personal information and submits them in the form of a ticket on the Citizen Financial Cyber Frauds Reporting and Management System.

Depending on whether the money was stolen from the victim’s bank or the wallet, a ticket is issued to the relevant banks, wallets, merchants, and so on. The financial firm involved in the transaction will look into the online fraud and transaction details of both sender and the receiver. The bank places the stolen funds on hold if they are still accessible, preventing the fraudster from withdrawing them. If the stolen money has been transferred to another bank, the ticket is elevated to that bank’s next level. This procedure is carried out once more to prevent the money from falling into the hands of fraudsters.

The victim of the online fraud will receive an SMS with a complaint acknowledgement number and instructions to submit any relevant information about the scam on the National Cybercrime Reporting Portal within 24 hours using the acknowledgement number.

With the active support and cooperation of the Reserve Bank of India (RBI), all major banks, Payment Banks, wallets, and online retailers, the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs has launched the helpline 155260 and its reporting platform.

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