Chandigarh: Lost money to cyber fraud? Call 112 to freeze transaction instantly
This initiative is aimed at providing immediate assistance to the victims of cyber frauds in Chandigarh, enabling them to swiftly freeze the fraudulent transactions and potentially recover their lost funds
To combat the rising tide of financial cyber frauds in the city, Chandigarh Police have integrated cyber fraud reporting with the 112 emergency helpline.
This initiative is aimed at providing immediate assistance to victims, enabling them to swiftly freeze the fraudulent transactions and potentially recover their lost funds.
It is pertinent to mention that Chandigarh residents lost ₹17 crore to cyber fraud in the first six months of the year, primarily due to well-oiled investment fraud schemes, mostly targeting high-value targets.
Superintendent of police (Cyber) Ketan Bansal emphasised the urgency of the new system, stating, “A lot of residents are losing crores due to scams like digital arrest and investment frauds. Often, by the time a complaint reaches us, crucial time is lost in recovering the funds. It is vital to prevent such frauds from happening in the first place. Now, residents can call our helpline 112 as soon as they have been defrauded so that the transaction can be frozen and amount can be recovered.”
“It is challenging to recover the amount lost in cyber frauds because the main perpetrators are often based in far-off places, while those arrested locally are merely carrying out their schemes. Hence, it is crucial to prevent the fraud from happening,” added Bansal.
How the system works
The new system allows victims to report incidents directly through the 112 emergency helpline. Upon receiving a call, a police operator records the fraudulent transaction details and basic personal information of the caller. This information is submitted as a ticket to the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS).
The ticket is then escalated to relevant banks, financial institutions and payment intermediaries. If the fraudulent funds have been transferred to a victim’s bank or another financial institution, these entities are notified immediately. Victims receive an acknowledgment SMS with a reference number and instructions to provide detailed information on the National Cybercrime Reporting Portal.
Banks receiving the ticket review the transaction details within their internal systems. If the funds are still in the bank, the institution will place the transaction on hold, preventing the fraudster from withdrawing the money. If the funds have moved to another bank, the ticket is escalated to the next bank involved in the transaction. This process continues until the funds are secured and not accessible to the fraudster.
Throughout the process, police maintain continuous communication with financial institutions to ensure effective coordination and timely resolution of fraud cases.