MC Explains: Here’s what to do if you are victim of a phishing scam

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A large number of customers have taken to social media after receiving fake messages that claim to be from leading banks asking for personal account details. Lavanya Mohan, a financial writer based in Chennai, shared an incident where she got an SMS from a number claiming HDFC Bank authority with a link to update her Permanent Account Number (PAN).

Maybe you too have received such messages in the past. Here’s an explainer to understand how such scamsters operate and what can you do if you find that you are a victim of such an attack.

To begin with, what is the modus operandi of such scamsters?

Generally, fraudsters create a third-party phishing website that looks like an existing genuine website, such as - a bank’s website or an e-commerce website or a search engine, etc. Then links to these websites are circulated by fraudsters through Short Message Service (SMS) / social media / email / Instant Messenger, etc.

What happens when you click on the link?

When you click on the link without checking the detailed Uniform Resource Locator (URL) and enter secure credentials such as Personal Identification Number (PIN), One Time Password (OTP), Password, etc., which are captured and used by the fraudsters.

What does the RBI, the banking regulator, suggest for safety in such cases?

Reserve Bank of India suggests not clicking on unknown/unverified links and immediately deleting such SMS/ email sent by an unknown sender to avoid accessing them by mistake in the future.

"Unsubscribe the mails providing links to a bank / e-commerce / search engine website and block the sender’s e-mail ID, before deleting such emails," says RBI. Central banks also suggest visiting the official website of the bank/service provider.

"Check URLs and domain names received in emails for spelling errors. In case of suspicion, inform," RBI advises the public.

What to do if you suffer monetary losses?

According to the RBI, if you have suffered a loss due to unauthorised electronic transactions, your liability may be limited, but also zero, if you notify your bank immediately.

Is there a chance to get your money back?

If you inform the bank within a specified amount of time (3 days) of financial fraud, the onus falls on the bank to prove the customer has not been a victim of the fraud.

How long does it typically take to get your money back?

According to RBI guidelines, if your report gets proven post an investigation, the bank has to pay the entire amount to the customer within 10 days. In cases where the liability of the customer is to be decided, the complaint has to be addressed within 90 days.

Okay, is there any other way to report such crimes?

The Ministry of Home Affairs, RBI and all major public and private banks onboard have started a helpline number 155260 to report financial fraud. Anyone can use this number to report a fraud.

Can you take me through the process if I am a victim?

1. Call the helpline to submit a complaint.
2. Ticket is issued and sent to your corresponding bank.
3. Share your transactional details as well as some personal information with the operator.
4. You will also get an SMS with an acknowledgment number
5. Submit on the National Cybercrime Reporting Portal (https://cybercrime.gov.in/) within 24 hours.