Amidst the increasing cases of digital fraud, the Reserve Bank of India (RBI) has announced some relief for the people. The central bank has said that customers will be given compensation up to Rs 25,000 to compensate for the losses incurred due to fraudulent transactions. RBI Governor Sanjay Malhotra said that this compensation will be given even in the case where the customer has shared OTP with the fraudsters. A framework for this will be brought soon. Let us know about this in detail.
When will I get compensation?
RBI says that compensation will be given to a customer only once. This will also happen if no transaction is malicious. That means, if the customer knowingly commits fraud then he will not be entitled to compensation. The compensation money will be given from the Depositor Education and Awareness (DEA) Fund of Rs 85,000 crore.
Most of the victims will benefit
RBI says that in most cases of digital fraud, the amount is less than Rs 50,000. In such a situation, this announcement of the bank is likely to provide relief to most of the victims. RBI Governor said that if someone’s money has been lost in fraud and it has not been done maliciously, then he will get a compensation of Rs 25,000. No questions will be asked for this. It is important to make it clear here that the maximum compensation given by the bank will be Rs 25,000 only, even if a higher amount has been transacted in the fraud. Let us tell you that a framework for this will be brought soon.
How to avoid digital fraud?
- Do not share sensitive information like OPT, password with any unknown or suspicious person over email, message and call.
- Do not get lured by any offer and give your banking details on suspicious websites and apps.
- Keep changing the passwords of your ATM and banking apps regularly.
- Do not click on attachments received through message or email from any unknown person.
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