Are you also in habit of leaving your bank accounts unattended for long? Then, it’s time to be alert. You may be deprived of entire money in your accounts by fraudsters. Howsoever rich you may be, but you won’t want your single rupee to be taken away by fraud.

In a latest development, Delhi Police Cyber Crime Cell has arrested 12 persons including 3 HDFC Bank employees for fraudulently attempting to siphon money out of a dormant account belonging to an NRI.

The modus operandi adopted by them was as follows:

1. Got issued a duplicate SIM of the same number belonging to the accountholder by submitting fake documents. It seems the number was not in use by the accountholder as he is an NRI.

2. Activated the account from dormant status by submitting fake KYC documents and the mobile number; with connivance of bank officials.

Risks of leaving your bank account dormant

3. Got issued duplicate cheque book; again with connivance of bank officers.

4. Attempted to transfer funds out by using this duplicate cheque book.

5. Since large amount of money was being transferred out immediately after activating the dormant account, it got flagged by the surveillance system of the bank.

Though the attempt was defused but the risk further increases by the fact that if the fraudsters had waited for some weeks after activating the account and had withdrawn the money in small amounts, they might have escaped the eyes of the surveillance system.

Would you want your hard-earned money to see this fate? Absolutely ‘No’.
Then what to do to avoid such pain:

1. Update your cellphone number and email address in all your bank accounts immediately so that you receive notifications for every transaction in your accounts.

2. Don’t open too many bank accounts. 2-3 accounts are more than sufficient for anyone’s needs.

3. Don’t let your account turn dormant because dormant accounts are most favorite prey for fraudsters.

4. Even if you don’t regularly use an account, pass at least a nominal transaction (deposit or withdrawal) through the account every 3-4 months so that the account remains in active status and any unscrupulous bank employee knows that you are aware of this account.

5. Set daily transaction limit for internet banking transactions.

Remember, earning wealth is a difficult skill but keeping it safe and secure is a much bigger art. You have to learn both to achieve your financial goals in life.

Author Bio

Qualification: CA in Practice
Company: Mahesh Bansal & Company
Location: Ghaziabad, Uttar Pradesh, India
Member Since: 27 Jun 2020 | Total Posts: 5
I am a practicing CA in Ghaziabad (Delhi NCR). I have served in a nationalized bank in SME Credit Division for around 4 years and subsequently commenced practice with core area in bank financing. I have good hold on all matters pertaining to bank funding, project financing and financial analysis. We View Full Profile

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