Hans News Service Nellore

Stressingthe need of cooperation between banks and police department to prevent cybercrimes, SP Dr Ajitha Vejendla has urged bankers to play a vital role in preventing cyber frauds and ensuring speedy recovery of victims’ money,

Speaking at a coordination meeting with nodal officers and branch managers of government and private sector banks here on Friday, she said cyber offences such as digital arrest scams, investment and trading frauds, credit and debit card frauds, and online loan scams are increasing steadily. Stolen funds are often routed through mule bank accounts, making banks’ vigilance critical in identifying and blocking such transactions. The SP explained the functioning of Mule Accounts Grievance Redressal Module (GRM) and Money Recovery Module (MRM), highlighting their importance in tracking fraudulent transactions and facilitating fund recovery. She appealed cyber fraud victims to immediately report incidents by calling 1930 Cyber Helpline.

She noted that if the bank accounts are put on hold or frozen within the first 30 minutes, considered as ‘Golden Hour’, chances of recovering the defrauded money will increase significantly. She urged bank officials to respond promptly to such complaints.

Lead Bank Manager Mani Sekhar pointed out that some students are allowing others to use their bank accounts for small financial gains, indirectly leads occurrence of cybercrimes and stressed the need to conduct awareness campaigns to discourage such practices.