Worried your bank account is empty after cyber fraud? Here’s what to do immediately — TradingView News | #cybercrime | #infosec

New Delhi, Oct. 1 — If you have ever received a transactional message from your bank saying that a massive amount has been deducted, but you did not make the transaction, you might have been scammed. While your first instinct may be to panic, call the person who just contacted you, keep checking your account, or try to figure out how it all happened, people often forget that in times like these, the first few minutes are crucial.

But for someone who has just discovered that their hard-earned money has been debited from their account, the bigger question is: what should they do next? Should they call the bank first and get their account blocked, call 1930, or file a police complaint?

According to a 2025 Press Information Bureau (PIB) report, the surge in cybersecurity incidents from 10.29 lakh in 2022 to 22.68 lakh in 2024 reflects the growing scale and complexity of digital threats in India. At the same time, the financial toll is becoming more pronounced, with cyber frauds amounting to Rs.36.45 lakh reported on the National Cyber Crime Reporting Portal (NCRP).

According to Gaurav Gupta, Group Head – Financial Crime Intelligence, Axis Bank, if someone suspects they have been a victim of cyber fraud, they should act immediately. They should report the incident to their bank through official customer service channels, block compromised cards or accounts, including relevant digital channels, and change passwords or PINs linked to their banking services.

Customers should also report the fraud on the National Cyber Crime Helpline (1930) or the cybercrime reporting portal. Prompt reporting significantly improves the chances of containing losses and initiating recovery efforts where possible, Gupta said.

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Along with reporting the incident, victims should also preserve details related to the fraud, which may be required during an investigation or while following up with the bank and authorities.

Vijay Pal Dalmia, Senior Partner at Vaish Associates, said victims should save screenshots of fraudulent messages, transaction receipts, chats and caller numbers, besides retaining emails, text logs and transaction URLs until they are recorded by the authorities.

While reporting the fraud is the first step, victims may also want to know what happens after they inform their bank. Does the bank simply block the account, or does it take other steps to contain the fraud and investigate the complaint?

Gupta said, “Upon receiving a cyber fraud complaint, the bank promptly acknowledges the report and initiates necessary risk-mitigation measures. Depending on the nature of the incident, actions may include blocking channels, monitoring transactions, coordinating with beneficiary banks, and supporting law enforcement agencies where required. The bank follows regulatory guidelines and established processes to investigate reported incidents and keep customers informed about the status of their complaint.”

A common concern for victims is whether reporting a cyber fraud automatically leads to their bank account being frozen.

According to Gupta, not all bank accounts are frozen when a cyber fraud is reported. “Account restrictions are applied only when necessary,” he noted, adding that they are meant to protect customer funds or comply with regulatory and investigative requirements. The duration depends on the nature of the fraud, the investigation status, and applicable regulatory processes.

Further, restricted accounts are made accessible once the required verification and review process, in accordance with regulatory guidelines, is completed.

While victims may hope that reporting a fraud quickly will guarantee the recovery of their money, Gupta said, “Chances of recovery improve if victims spot and report the scam faster. We call this the ‘golden hour.’ However, early reporting does not necessarily guarantee that the money will be recovered.”

This means that while reporting a cyber fraud at the earliest opportunity can improve the chances of containing the loss and recovering the money, it does not guarantee that the funds will be returned.