It’s a regular day at work. You login to your bank account and check your balance. Seems a bit low., you think. You click on the statements button…and get the shock of your life. A debit of Rs 67,854 greets you…and you know you have not done it! Then who has? You are a victim of a fraud, of identity theft. Someone has made that transaction posing as you, or faking your signature, or used a debit card of your account!
Identity theft is more common that we care to think. Is your signature hard to copy? Has your credit card or debit card always been swiped in front of you, and positively only once? Is the CVV number (the three digits to your credit card number) at the back of your card hidden from prying eyes? Are you completely sure that you don’t have spyware on the computer through which you do your online banking and shopping? If you have answered Yes to these questions, you are reasonably safe from ID theft. There are more precautions as well. For instance, are you the only user of your PC? Is your data well protected? Do you use strong passwords which you change often?
Most people do not take these precautions and end up being the victims of some fraud or the other. Sometimes the loss is not much, but now with growing threats, the risk of losing huge amounts of money is very real.
What can you do if you find that you have been a victim of identity theft?
First, place a complaint with your bank, and close the account. Make your complaints in writing and keep copies. If you are mailing the complaint, ensure that the bank receives it. Then follow it up ardently. Escalate to higher officials if the complaint is not being attended to, to your satisfaction. The bank is likely to have a process to address such issues, so they will get you to fill the right type of forms.
You can also file a police complaint. But for this, you must ensure that you have all the records to prove that you have been a victim of identity theft. For instance, interactions with the bank will get you the application documents signed by the fraudster. You must insist on receiving copies of them. The fraudulent signature can thus be shown to the police.
If the bank is not being very forthcoming in helping you out, you can approach the Reserve Bank of India (RBI). The RBI has stipulated a procedure for the Redressal of Grievance, under the Banking Ombudsman Scheme, 2006. However, there is no explicit mention of frauds and bank’s inability to solve them. But a complaint with the RBI would be a good idea.
India is yet to chalk out a full-fledged process to help people who have had their IDs stolen. As threats increase, these can be expected to be resolved.
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