Why do we sometimes freeze accounts?

As a provider of banking services, Tally has to comply with a number of different pieces of legislation and regulation regarding account holders and transactions. This is why when you sign up for a Tally account, we collect the information and documentation that we do.

Included in these regulations are Anti-money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation, which requires us to monitor and act when we identify suspicious or criminal activity. 

There are a number of scenarios in which we may freeze a customer’s access to their app. Due to the aforementioned legislation, we are unable to provide any reason why an account may be frozen, both to the individual, as well as to any public queries made in regards to the account. The first instance is when we think that your account has been accessed by someone apart from yourself. This will be resolved once we make contact with the customer and verify it was in fact the customer, not an attempt at fraud. 

A customer's account can also be frozen if fraudulent or criminal activity is suspected of occurring. This can come as a result of our internal monitoring systems, or via the notification of fraud from the police, or from another financial institution. In these cases, we freeze a customer's account in order to complete an investigation in partnership with our banking partners. This is a crucial process which has already allowed us to recover funds for a number of victims of fraud already!

A common tactic used by fraudsters and criminals is to attempt to apply both private and public pressure on our team in order to get access to the fraudulently acquired funds, so if you see any similar stories on our forums or other social media platforms take them with a Pinch of salt.