New Delhi: These days several people’s bank accounts are getting frozen. The banks are freezing the accounts not only due to un-updated KYC, but also because of the instructions from the Cyber Crime Unit.
The Cyber Crime Unit sends such requests to banks in cases related to investigation of financial fraud. P2P (Peer-to-Peer) trading can also be a reason for account freezing. In this type of trade, money is transferred between two people without the knowledge of any central agency, especially in cryptocurrencies. In case any amount related to any P2P trading gets transferred to your account and the investigating agency gets to know, then your account can also be frozen.
P2P Transactions & the Risk of Account Freezing
P2P or Peer-to-Peer is a way of making payments directly from one person to another, without involving banks or credit card companies as intermediaries. This payment option, which acts as digital platforms, allows people to send money directly to each other through digital platforms or mobile apps. When these types of transactions come under the radar of probe agencies, the personnel track the chain of money transactions and if an account is involved in it, then action is initiated against the holder.
Always make sure to get information from the bank if your account gets frozen. Get the details of the cyber police action and transactions in question.
Also, contact the cyber police station and present your case. Inform the officials about the money transactions by showing them screenshots of chats or emails related to it. Also clarify your position with the agency that freezes the account. Never try to mislead the personnel and give them correct information about your transactions.
Individuals can opt to have two accounts. One can possess two bank accounts, so that if an account gets blocked, the person can use the other one. Make sure that you keep a close track of your records in bank accounts and be aware of the source of that transaction before making any transaction. These aspects can keep your bank account safe and avoid unnecessary hassles.
Bank account freezes are increasing due to outdated KYC, cyber crime investigations, and P2P transactions. Cyber Crime Units flag accounts involved in suspected financial fraud, often linked to cryptocurrency P2P trading. If your account is frozen, contact your bank and the Cyber Crime Unit immediately, providing transaction details and clarifying your position. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
