Cybercriminals in India stole over Rs 1,750 crore through online banking fraud in 2023 alone. Most victims discovered the theft days or weeks after it happened. Checking your statement weekly reduces that gap.
What to look for
Flag any transaction you do not recognize. Small test debits of Rs 1-10 often precede larger fraud. Multiple transactions to the same unfamiliar account or UPI ID in a short period are a warning sign. Debits in the middle of the night when you were not using your phone deserve a second look.
Merchant billing errors
Subscription services sometimes charge you after you cancel. Apps charge foreign currency fees that appear as odd amounts. Check for double charges from the same merchant on the same day. These are not always fraud but they are always worth disputing.
What to do when you find a suspicious transaction
Call your bank immediately. Most banks have a 24-hour helpline. Report the transaction and ask for a temporary block on your account or card. File an FIR at your local police station if the amount is significant. Also report the fraud to the national cybercrime portal at cybercrime.gov.in.
The 30-day dispute window
RBI rules give you 30 days to dispute an unauthorized transaction and be eligible for a full refund from the bank. Beyond 30 days, liability rules change and recovery becomes harder. Do not wait.
Related reading: Bank Statement Data Security Best Practices, Understanding UPI Transactions in Your Bank Statement, How to Remove the Password from a Bank Statement PDF.