The Reserve Bank of India has once again urged people to exercise caution to prevent losses and protect themselves from fraud in the name of malicious conduct and fraud. Know Your Customer (KYC) renew.
Following ongoing incidents and reports of customers being subjected to fraud in the name of KYC updates, the Reserve Bank of India (RBI) in a press release issued on February 2 reiterated the information it had issued on September 13, 2021.
KYC fraud modus operandi
The RBI said the modus operandi of KYC fraud often involves customers receiving unsolicited communications, including calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or provided in messages Links install unauthorized or unverified applications.
Such communications often employ tactics that create false urgency and threaten to freeze/block/close the account if the customer does not comply.
When customers share important personal or login details, fraudsters gain unauthorized access to their accounts and engage in fraudulent activity.
To protect themselves, RBI encourages people to take the following steps;
things to do
- If you receive any KYC update request, please contact the bank/financial institution directly for confirmation/assistance.
- Get the contact number/customer care number of the bank/financial institution only through its official website/source.
- In case of any cyber fraud incident, please notify the bank/financial institution immediately.
- Consult the bank branch to determine the available modes/options for updating KYC details.
Things not to do
- Do not share account login credentials, card information, PIN, password, OTP with anyone.
- Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations.
- Do not share any sensitive data/information through unverified/unauthorized websites or applications.
- Do not click on suspicious or unverified links received on your phone or email. Customers must contact the bank/branch if you receive any such request.
What should you do if you encounter KYC fraud?
For financial cyber fraud, the RBI urges the public to lodge complaints immediately to the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through the Cyber Crime Helpline (1930).
In 2021, the Reserve Bank of India (RBI) issued a warning to the public as it received complaints/reports about customers falling into frauds in the name of KYC updates.
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