Tips: Retrive Your Money Back In Case You Accidentally Transfer Money To A Wrong Account

Over the past few years, there have been several incidents where people have transferred money to wrong or fraudulent accounts. These incidents too are examples of online fraud.

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New Delhi: We live in a digital age, all manual processes are gradually going online. This also includes money transfer between accounts, which has been made quite easy thanks to the internet and digitisation.

However, we make mistakes while even when everything is digitalized. Like we may end up transferring money to the wrong account while doing online transactions.

Here's how you can get your money back

1. If you have accidentally transferred money to another person's account, you first need to visit your bank and find out to whose account has been transferred to.
2. You can then contact the bank where this account is present in.
3. You can get your money back by providing proof that the money was transferred by mistake.

According to the Reserve Bank, if money is withdrawn without your permission, you need to inform the bank about this incident within 3 days. Doing this can save your money. The bank would transfer the money back to your account.

A rise in the occurrence of such incidents: 
For some time now, many such incidents have come to light where money has been transferred to wrong or fraudulent accounts. These incidents too are examples of online fraud. There has been a rise in the number of fraudulent events where people have been called by spammers posing as bank officials, especially during the COVID-19 pandemic.