How to recover your money after an ATM fraud?

Recently many cases of ATM fraud were reported. Now a days protecting from ATM fraud is not only hiding your pin number while pressing it on keypad. Fraudsters are finding new ways to steal money from your bank account. Some of the method used by them are card cloning, phishing etc.

Read this article to know about ATM fraud and also how to protect from falling in these type of fraud?

Keep an eye on your phone, if you receive any SMS alert of money deduction which you have not made then do the following.

• First of all, Contact your bank and Block your Debit Card Immediately.

Check How to block your debit card from here.

• File an FIR in your nearest Police Station and also take copy of your FIR.
• If the transaction has been made online, install a good anti-virus and scan for any malwares or viruses in your PC.
• Also change your ATM pin.
• Block and issue a new card.
• Reduce your liability.

The user is not liable for the amount lost, if he is not aware of the fraudulent transaction. As per the notification issued by RBI on July 6th, 2017, it has revised the norms to limit the liabilities of a fraud victim.

a) Zero liability

A customer is entitled to zero liability in case fraudulent transactions occur in the following events:

1. Contributory fraud/ negligence/ deficiency on the part of the bank (irrespective of whether or not the transaction is reported by the customer).

2. Third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of receiving the communication from the bank regarding the unauthorized transaction.

b) Limited Liability of a Customer

In cases where the loss is due to negligence by a customer, such as where he has shared the payment credentials, the customer will bear the entire loss until he reports the unauthorized transaction to the bank. Any loss occurring after the reporting of the unauthorized transaction shall be borne by the bank.

Source: RBI

Upon verification from your bank end, your money will be refunded to your bank account in 7 working days.