CA Mahesh Bansal
Quick Summary
Are you also in habit of leaving your bank accounts unattended for long?Then, its time to be alert. You may be deprived of entire money in your accounts by fraudsters. Howsoever rich you may be, you wouldntwant asingle rupee of yours to be taken away by fraud. In a latest development, Delhi Polic
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FAQ :
Dormant bank accounts are prime targets for fraudsters. They can be exploited to fraudulently siphon money, often by obtaining duplicate SIM cards and cheque books using fake documents and connivance with bank officials.
The fraudsters obtained a duplicate SIM for the account holder's number using fake documents, activated the dormant account with fake KYC and mobile details, and then issued a duplicate cheque book to attempt fund transfers.
Fraudsters target dormant accounts because they are less likely to be monitored by the account holder. If they wait and withdraw funds in small amounts, they might evade the bank's surveillance systems.
You should update your cellphone number and email address for all accounts, avoid opening too many accounts, and perform at least a nominal transaction every 3-4 months to keep accounts active. Setting daily transaction limits for internet banking is also recommended.
Yes, it is crucial to update your cellphone number and email address with your bank so you receive notifications for all transactions, helping you stay aware of any suspicious activity.
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