Country All the banks providing services want to increase their powers. All the banks of the country want to seize accounts involved in illegal transactions to curb cybercrime through fake accounts. Banks say that in such cases, there is a lot of waste and precious time in getting orders from the authorities, but it is very important to take fast steps in these cases. Let us tell you that banks seize accounts on the basis of certain reasons. However, according to the Protection of Money Laundering Act (PMLA), banks do not have the right to seize the accounts of the customer without approval from the court or law enforcement agencies (LEA), whether it is involved in cybercrime itself.
Indian Bank Association will send suggestions to RBI
A working group of the Indian Bank Association (IBA) said in its report, “Keeping this issue in mind, we can suggest to the Reserve Bank of India (RBI) to consider it further.” Let us tell you that cyber fraudsters use these fantests to illegally manipulate money through banking systems. Banks seize thousands of such accounts every year, but these cyber fraudsters take advantage of the weaknesses in the banking system and create new accounts soon.
Suggestion to use Election Commission data
In the event of not having a PAN number, banks have also proposed to use the data of the Election Commission for the verification of the people using voter ID card and Form 60 and set the limit of the number of transactions on such accounts. The report suggested that AI and machine learning can be connected to the transaction monitoring system. The Working Group said that the financial sector can become more secure in technology with investment, staff training and stakeholders.
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