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The Reserve Bank of India (RBI) has repeatedly issued warnings to the public regarding scams related to KYC (Know Your Customer) updates. Given the ongoing instances of customers being deceived by fraudulent activities under the guise of KYC updates, the RBI has emphasized the importance of vigilance and caution. Recently, it urged the public to exercise diligence and take necessary precautions to avoid losses and protect themselves from such deceptive schemes.

What are KYC updation frauds?

Typically, these fraudulent schemes entail unsuspecting customers receiving unsolicited communications such as phone calls, SMS, or emails. Through these channels, individuals are coerced into disclosing personal information, account or login credentials, or installing unverified applications via provided links.

Often, these communications employ tactics to create a false sense of urgency, threatening account freezing, blocking, or closure if immediate compliance is not met. Upon divulging crucial personal or login details, fraudsters illicitly access victims’ accounts, enabling them to perpetrate fraudulent activities.

RBI has said that in instances of financial cyber fraud, individuals should promptly file a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or contact the cybercrime helpline at 1930. Additionally, to protect themselves, individuals are advised by RBI to implement the following measures:

Dos:

  • Upon receiving any request for KYC updation, directly reach out to their bank or financial institution for verification or assistance.
  • Obtain the contact number or customer care phone number of the bank or financial institution exclusively from its official website or reliable sources.
  • Promptly notify their bank or financial institution in the event of any cyber fraud incident.
  • Inquire with their bank branch to determine the available modes or options for updating KYC details.

Don’ts:

  • Avoid sharing account login credentials, card information, PINs, passwords, or OTPs with anyone.
  • Refrain from sharing KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations.
  • Avoid sharing any sensitive data or information through unverified or unauthorized websites or applications.
  • Do not click on suspicious or unverified links received in mobile messages or emails.

  • Published On Mar 1, 2024 at 03:10 PM IST

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