Hyderabad: Cyberabad Police conducted a coordination meeting with bankers on Monday to address persistent delays in cybercrime handling and to strengthen response frameworks across the banking sector.
Cyber fraud now a greater threat than robbery, says CP
Cyberabad Police Commissioner Avinash Mohanty stated that cyber fraud now causes more financial damage than traditional crimes like robbery. He highlighted how scams involving fake investments, phishing, and digital frauds had wiped out people’s life savings. Consequently, many families had fallen into deep financial trouble.
“Financial losses from cybercrime now exceed those from robbery or snatching,” Mohanty said. He asked banks, particularly SBI, to establish centralised cyber cells for faster grievance resolution. Additionally, he urged the public to verify investment offers and report any suspicious digital activity immediately.
Police demand quicker bank response to freeze orders
Officials raised concerns about banks delaying account-related documents critical for investigations. They said several banks failed to respond swiftly to requests for statements, KYC data, and transaction histories. Moreover, delays in executing and confirming freeze instructions often compromised probes.
Authorities reminded banks that frozen accounts must not allow any debit transactions. If such attempts occur, they must be reported without delay.
Banks must follow strict formats and deadlines
Banks were instructed to share statements in Excel format with full narration, transaction IDs, credit and debit values, and running balances. They must ensure beneficiary names match official records. According to officials, banks must strictly follow freeze order protocols to avoid investigative lapses.
Each bank is now required to set up a Cyber-Crime Response Desk with nodal officer details and backup staff. All cybercrime-related requests including freeze, defreeze, KYC data, and statements must be addressed within 1–3 days. Furthermore, banks must prioritise compliance to maintain cooperation.
Staff training, KYC enforcement critical to curb mule accounts
The police asked banks to train their branch staff in cybercrime coordination. They must also share relationship manager details for corporate accounts to streamline communication. Stronger KYC enforcement was emphasised to prevent the rise of mule accounts often used in fraud schemes.
The meeting concluded with a call for stronger collaboration between banks and Cyberabad Police to ensure customer protection and timely intervention in cybercrime cases.
Medchal DCP N. Koti Reddy, Madhapur DCP Ritiraj, Rajendranagar DCP Yogesh Goutam, Cyber Crimes DCP Y.V.S. Sudheendra, Crimes DCP A. Muthyam Reddy, and Madhapur SOT DCP Shoban Kumar attended the session, along with ADCPs, ACPs, inspectors, and other officers.