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RBI has mandated several safeguards for digital banking customers. If an unauthorised transaction occurs, customers can report it and seek relief.
Banks are required to register customers for SMS alerts and, wherever possible, email notifications for every digital transaction to help identify unauthorised activity.
Customers must have 24x7 access to phone banking, toll-free helplines, IVR and SMS channels to report unauthorised electronic or digital transactions.
Banks are also required to provide a direct link on their websites through which customers can lodge complaints about unauthorised electronic or digital transactions.
Under revised RBI rules, eligible customers can receive a one-time reimbursement of up to 85 per cent of the net loss or Rs 25,000, whichever is lower.
For larger frauds, customer liability may be zero or limited if reported within the stipulated period. Banks must resolve complaints and fix liability within 90 days.
Customers can report financial cyber fraud through the dedicated toll-free helpline 1930 or the National Cybercrime Reporting Portal for further action.