Part 1 – Account Freezed due to Cyber Crime reported?

Hello Readers,

I know thousands of bank account holders are experiencing either their bank accounts being frozen or some part of their funds being held by the bank.
I am writing this to educate people who are suffering from the same pain I once went through.

Before reading the whole article, answer a few questions:

• Are you a scammer?
• Have you received any money from an unknown source and not reported it to the bank or authorities?
• Have you received any money from someone who might file a complaint directly against you?

If your answer is NO to all these questions, then read the whole article. Others may leave the page.

What is Hold/Lien/Freeze?

Don’t get confused by these terms: Hold, Lien, and Freeze.

• Hold: If your bank considers your transaction disputed, they mark the transaction as HOLD.
• Lien: Similar to Hold, but it can apply to the entire balance or just a portion of the disputed amount.
• Freeze: If your bank receives one or more complaints against your account, it has the authority to freeze your bank account.

What is the term Freeze?

Don’t be alarmed by the term Freeze. Usually, there are four types of freezes applied to bank accounts:

1. Temporary Account Freeze: If the bank’s algorithm detects a suspicious transaction, the automated system may apply a Temporary Account Freeze.
2. Credit Freeze: Sometimes, due to a technical fault or if you receive multiple transactions in a very short period, the bank may apply a Credit Freeze to your savings account.
3. Debit Freeze: If a transaction is disputed and reported by an authority, your bank account may be subject to a Debit Freeze.
4. Complete Account Freeze: If you are directly involved in a crime, the bank can freeze your account entirely based on a magistrate’s order or an authority’s request. You won’t be able to perform any transactions, either incoming or outgoing.

Now that you understand the terms Hold, Lien, and Freeze, you should call your bank’s customer care number (from the official bank website) to determine which category applies to your account.

Why was your account put on Hold/Lien/Freeze?

There are several reasons your bank account might face a Hold, Lien, or Freeze. Let’s understand them:

1. Crypto Transactions (P2P):
   Nearly 60% of account freezes these days are linked to cryptocurrency transactions, such as buying or selling USDT, Bitcoin, or Ethereum on platforms like Binance.
2. Gaming Platforms:
   If you won money on a gaming platform and received it in your bank account, this might lead to an account freeze.
3. Non-Payment of Loan Amounts:
   If you failed to pay your loan’s EMI or are listed as a loan defaulter, your account might be frozen.
4. Digital Payments:
   Sometimes, even if you receive money from known sources like friends, family, or clients, your account could still be placed on Hold, Lien, or Freeze, now you will ask why?

You will learn about this in the later part of this article, where I discuss the concept of a Money Trail.