Steps to Handle Unauthorised Transactions in Your Current Account

Posted on Friday, September 6th, 2024 | By IndusInd Bank

Imagine you are going about your day and suddenly receive an alert from your bank stating that your current account has been debited with ₹25,000. This may be shocking in case you neither made any such transaction nor set up any auto-pay mandates. 

Having unauthorised transactions in your current accounts can be a stressful experience. Knowing how to handle such a situation in the right manner is crucial to reduce future losses and secure your account. How to Handle Unauthorised Transactions in Your Current Account?

Here’s a step-by-step guide to deal with this challenging situation:

1.      Block Your Current Account ATM Card

The first step is to block your ATM card. This will prevent further unauthorised usageand safeguard your remaining funds. Most banks offer multiple ways to block your card.

IndusInd Bank customers can block their ATM card via phone banking, the IndusMobile app, the IndusNet portal, and SMS. Click here for details. 

2.      Reach out to Your Bank

Contact your bank and report the fraud transaction at the earliest. Provide them with all relevant details, including the date and amount of the transactions. Your bank will initiate an investigation. If required, they may temporarily freeze your account to prevent more unauthorised usage. Remember to get a complaint reference number for future follow-ups.

3.      File a Report with Evidence

Once you have informed your bank, follow up with a written complaint. Clearly state the details of the unauthorised transactions and attach any supporting evidence you have. This can include bank statements and transaction alerts. 

You should file a police report with the help of the related evidence as well. It will help you track the fraudsters and support your claim. Ensure to keep a record of all complaints and communication related to the dispute. 

4.      Stay Active Regarding the Dispute

Follow up with your bank regarding the status of your complaint. Staying active ensures that your case is being handled and prevents it from being overlooked. Maintain communication with your bank’s grievance department. Also, respond to any requests for additional information quickly.

5.      Take the Matter Forward If Required

If your bank does not satisfactorily resolve the issue, consider escalating the matter. You can file a complaint with the head of customer care, the banking ombudsman, or relevant regulatory authorities. Legal action might also be an option if you have lost a significant amount or if you suspect major fraud.

How to Keep Your Current Account Safe?

Prevention is always better than cure! Here are some measures to protect your current account from unauthorised transactions:

• Check your account statements and transaction history frequently.
• Set up transaction alerts to receive notifications for all account activities.
• Be cautious about sharing your account details, PIN, or OTP with anyone.
• Use private Wi-Fi only when conducting online banking transactions.
• Reach out to the bank in case of any suspicious activity or lost/stolen cards immediately.

Also Read: All You Need to Know about Current Accounts

Conclusion

Dealing with unauthorised usage of your funds can be upsetting. However, one must act swiftly and follow the above steps to minimise the impact. You may even recover your funds. Remember, being vigilant and following security measures are important for your financial safety. 

While the above steps are indeed helpful, it is crucial to partner with a bank that prioritises your safety. Having a current accountwith IndusInd Bank ensures your grievances will be looked after right away. We offer a multi-level grievance redressal system so that our customers can resolve their issues to their satisfaction. 

Open a current account with IndusInd Bank today to experience seamless, safe, and secure banking. 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.