How inoperative bank accounts are misused for scams: Experts explain

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Ketan Mukhija, senior partner at Burgeon Law, explained the risks associated with inactive accounts.“These accounts are often targeted for scams and identity theft due to reduced monitoring.

Babbar further elaborated on how dormant accounts might facilitate illegal activities.“Money could be moved into these accounts and withdrawn immediately to obscure transaction trails, making them ideal conduits for illicit operations.

The Reserve Bank of India (RBI) earlier this year mandated banks to annually review accounts without customer activity for over a year.

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Article Details

Category: BusinessFinance

Markets: IndiaCanada

Topics: SBI campaign RBI guidelines PMJDY reactivation Fraud prevention tips Inactive accounts misuse Dormant accounts risks Financial frauds Cyber fraud India Money laundering risks Inoperative bank accounts

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-02 @ 18:58:23 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 645 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 24041204

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