Internet Banking Frauds in India | Tips on prevention and solutions

The rise of Digital frauds in India

In 2015 the Indian government launched the Digital India program and in 2016 jio entered the market which became like a digital revolution for the ation and increased the number of internet users in India to almost 700 million. There is a big positive side of it but with all those positive benefits frauds and scammers also got digital and it increased the number of online banking frauds and scams in the Nation. Statista showed a report which states that the indian consumers lost over $18 billion due to the cybercrimes in 2017, users can read the full report from here.

The whole banking system is almost digital now and users performs most of their banking activities through net banking which is convinient ofcourse but there are people who are finding loops in the system or trying to find out ways to get other’s money into their banks digitally. Now there are some common ways which these scamers usually implement, those are given below.

Common ways of online banking frauds in India

  • Using hacking practices such as phishing, etc to steal data like card details etc.
  • cloning credit and debit cards
  • Scamming through calls and sms

There must be tons of other ways the scammers might be using but these are some of the most common ways which we’ve heard of and actually faced.

Despite having around 700 milion internet users in the nation, it is a fact that not every other internet user is smart enough or tech saavy enough to understand these scams, hence these people become the target of the frauds and scammers. We have always had this question that how can we actually save these people’s hard earned money from these schemmers and fraudsters. As long as te government does not come up with any big solution, the best possible solution availble is to spread awareness and teach people how not to fall for these scams and online frauds.

so we have mentioned some of the easiest and the most basic things people can implement which can save their hard earned money from online banking frauds.

Basic tips which can save you from online frauds

  • The most basic thing you can do is not to share important details like your card details, OTP’s with anyone untrusted on calls or sms or any other ways. This is like the easiest thing you can do and save your hard earned money.
  • For net banking users what they can do is go through the net banking instructoins and guides availble either on the official bank portal or other trusted sources for example, City union bank account holders can go through the important saftey instructions and cub net banking guide from there official portal or other trusted portals like Pmmodischemes, Bankingsupport etc.
  • Whenever you do any online transactions make sure to check the legitimacy of the website on which you are going to use your card details or net banking details.
  • If you receive any calls and the caller claims to be from the bank and tell you to verify your details or it will be closed or something like this, make sure to say some good words to them and hang up the call immediately. ( i hope you got the point )
  • Just don’t fall for any scam messages or emails or even calls claiming of cash prizes etc.
  • Don’t fall for ponzy schemes

If you simply follow these basic tips then 95% you are safe from online frauds There’s nothing technical or difficult in this so just stick to these basic tips and take these as set of rules to keep your money safe in this digital era.

what to do if you are a victim of online fraud?

If anyhow you become a victim of online fraud, the very first thing to do is not to panic and do the needfull immediately to get your lost money back. Simply do these important actions which are mentioned below.

  • Contact the bank and report the fraudent transactions with full details and make sure to keep a record of the statements.
  • File an FIR against cyber fraud in your nearest police station.
  • Try to file all the complaints within 3 days of the fraudent activity as according to the Reserve Bank of India, if the fraud complaint is filed within 3 days then the users can get 100% amount back in their bank. After 3 days different banks have different recovery caps.


It is always better if you could save yourself from these online frauds at the first place and do follow the basic tips mentioned above. Try to aware more and more peple of your network about such fraudent activities and how they can keep their money safe from these frauds. If you become a victim then do the needfull immediately, there is no need to worry as our banking system and RBI has enough measures to keep the customer’s money safe.

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