Mule a/c check: Agencies eye ‘cooling off’ for fund transfers

Quick Summary:

Government and RBI are considering a 'cooling off facility' to block funds received in bank accounts to combat online frauds.

This measure targets mule accounts used in digital payment frauds.

Multiple ministries and banks are collaborating to strengthen verification and prevent misuse, making it a top priority for bank CEOs to address this growing issue.

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Article Details

Author / Journalist: Sidhartha and Mayur Shetty

Category: EconomyBusiness

Markets: India

Topics: Online fraud Digital payment fraud Banking regulations Fund transfer freeze Financial security measures Mule accounts Business news Cybercrime helpline Cooling off facility

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-20 @ 03:14:32 (13 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 735 words

Reading Time: 5 minutes read

Sentences: 28 lines

Sentence Length: 27 words per sentence (average)

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

Copyright Owner: © Times of India

News ID: 25262288

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About Times of India

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

Update Frequency: 21 posts per day

Year Established: 1838

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