Bank Account Transactions have increased rapidly since then. Ever since the use of UPI started, the number of transactions has increased tremendously. However, with this the dangers have also increased. Banks are also blocking the accounts of their customers in case of ‘money mule’. Many such people have also lodged complaints through social media that their accounts have been blocked. He is not able to do the transaction. After all, what is the reason that banks are forced to block the accounts of their customers? Let us know which mistake you make, after which the bank blocks your account.
When does the bank block the account?
If you use the account as a ‘money mule’ account then the bank blocks your account. Money mule account is an account which is used to receive and transfer illegally acquired money on behalf of others. A person can knowingly or unknowingly become a money mule and receive illegally earned money and help transfer it to others. A fraudster contacts account holders luring them with some benefits. Later his account is blocked if any wrong transaction is found.
Such cases increased rapidly
‘Money mule’ accounts currently account for 40% of all fraudulent crimes. The ease with which fraudsters access money mule accounts remains a challenge. To deal with this fraud, some countries like Singapore and UK are creating data-sharing platforms.
Why do banks block accounts?
According to banking and cyber security experts, there are at least five Indian banks, including HDFC Bank, which are keeping an eye on money mule transactions. Banking fraud analysis experts say banks first block suspected money mule accounts and then start investigation. Now the question arises that why do banks block the account? Experts say that fraud operators transfer money rapidly and by the time the real account holder realizes what has happened, the money has been withdrawn to thousands of other bank accounts. This is why banks have to take immediate action on the marked bank account. That’s why he blocks the account without informing.
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