RBI cautions against KYC updation fraud

In the wake of continuing reports of customers falling prey to frauds being perpetrated in the name of know your customer (KYC) updation, the RBI has asked the members of public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices.

The modus operandi for such frauds usually involves customers receiving unsolicited communications, including phone calls, SM and emails, through which they are manipulated into revealing personal information, account and login details, or installing unauthorized or unverified apps through links provided in the messages, the RBI said.

“Such communications often employ tactics of creating a false urgency and threatening of account freezing, blocking and closure, if the customer fails to comply. When customers share essential personal or login details, fraudsters gain unauthorized access to their accounts and engage in fraudulent activities,” the RBI said.

In case of financial cyber frauds, members of public should immediately lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through cybercrime helpline (1930).