Financial Frauds: Decoding the Rise and What to do should you Fall Prey

According to a report by Times of India in August, Delhi witnessed a 200% surge in cyber fraud complaints including bank and credit card fraud, compared to the previous year. The Delhi Police recorded over 24,000 complaints by June, a significant rise from the 7,500 complaints during the same period in 2022.

Is your money truly safe from financial frauds and banking frauds?

With 13,530 Banking Fraud Cases being reported for this year alone, the Banking, Financial Services and Insurance (BFSI) Report reveals that cybercrimes in the country have skyrocketed resulting in fiscal as well as data loss. Studies indicate that in FY2023, the total number of fraud cases in the Indian banking system was nearly 49% higher than those registered last year. Not just that, as per RBI reports almost 6,659 of these cases fall within the digital payment – card/internet.

Indians in Trauma: The Emotional aftermath of Banking – Financial Fraud

Cybercrimes extend beyond financial harm, causing severe emotional and mental stress, leading to “cyber trauma” and Post Traumatic Stress Disorder (PTSD), with long-term consequences. Cases emphasize the urgent need to address the psychological impact on victims, who are left to deal with vulnerability, guilt, and shame, often blaming themselves.

The emotional toll includes anger, fear, and a sense of being under attack, even for those confident in technology. Physical health deteriorates, manifesting in eating disorders and sleep disruptions, intensifying the stress cycle. Victims may experience embarrassment and humiliation, fostering feelings of helplessness and isolation, prompting some to take fatal decisions.

Recognition and proactive measures are crucial in mitigating the impact of cybercrimes on individuals.

What should you do if you fall victim to a Banking or Financial Fraud?

Despite the rise in online scams, both banks and the RBI are actively taking steps to protect innocent customers from financial loss due to fraud. Here are the 8 steps to take note of:

  1. Act promptly upon noticing suspicious transactions in your bank account, following Reserve Bank of India (RBI) guidelines.
  2. The RBI stresses immediate reporting by victims to combat online fraud.
  3. If financial fraud is reported within 3 days, the bank must prove the customer was not a victim; the customer no longer needs to prove innocence.
  4. Reporting fraud within 3 days results in zero liability for the victim. Within 3-7 days, the bank refunds the transaction or the lower of the transaction and liability amounts.
  5. Call 155260, an emergency helpline supported by the Ministry of Home Affairs and the RBI, to report financial fraud in major banks and online wallets.
  6. After reporting fraud, receive an acknowledgment number. Submit this number on the National Cybercrime Reporting Portal at within 24 hours.
  7. It takes approximately 10 days for the bank to credit the money back to the victim’s account after reporting fraud, following RBI guidelines.
  8. In cases requiring determining customer liability, the bank must address the complaint within 90 days.


In the face of rising cybercrime, advancing financial frauds and cyber trauma, these steps not only provide a path to financial recovery but also serve as a crucial support system for individuals navigating the emotional aftermath of banking and financial fraud.

But, why wait until the damage is done? Proactive awareness, regular monitoring, and timely reporting can be powerful tools in safeguarding not just your finances, but also your emotional well-being. 

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