Your casual digital transaction could lead to frozen bank account, police investigation. Read how
Aug 11, 2023
Synopsis
A family in Ahmedabad found themselves trapped in an online fraud case after their UPI account was linked to a bitcoin trading scam. A teenager in the family used the account to purchase bitcoin occasionally. The police froze the bank accounts of the entire family and businesses the family dealt with.
In today's digital age, financial transactions have become routine, but they also come with risks. A seemingly innocent use of the unified payment interface (UPI) for bitcoin trading landed one family in a nightmarish situation. As per a ToI report, Pratishtha Shah, 52, found herself entangled in an online fraud case. A phone call to her husband disclosed that her UPI account had been linked to an internet fraud case as a result of her teenage son's occasional use of the account to buy bitcoins.
As the day progressed, she received more alarming news: the police froze the bank accounts of her father-in-law, to whom she had sent money, the grocery store where she bought, and the gym where she paid the membership fee online, in addition to her own.
The UPI system and peer-to-peer bitcoin platforms offer convenience but also attract criminals. In cases of financial fraud, scammers transfer money to various accounts, making it challenging for authorities to trace the trail. The police then freeze not only the victim's account but also those linked to it, including accounts of acquaintances, stores, and services.
Cybercriminals use intricate methods to obscure the money trail, passing stolen funds through multiple accounts before converting them into bitcoins or withdrawing from ATMs. To combat this, freezing bank accounts is a preemptive strategy employed by the police. Experts advise using separate accounts for risky transactions and being cautious when linking accounts on UPI or similar platforms.
In a world where financial technology offers convenience, awareness and caution remain crucial to safeguarding against the complexities of modern-day cybercrime.
[The Economic Times]
