• Source:PTI
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The Reserve Bank of India on Friday warned people against scams in the name of KYC updates and advised them not to share documents with unknown institutions.

Given frequent incidents in the name of KYC updates and reports of customers being cheated, RBI has urged members of the public to exercise caution to avoid losses and protect themselves from such malicious practices.

Reserve Bank has warned citizens regarding such frauds in the past as well.  

"Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations," it said.

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Also, RBI said that account login credentials, card information, PIN, password, and OTP should not be shared with anyone.

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

The RBI stated that such communications often employ tactics of creating false urgency and threatening actions such as freezing/blocking/closing the account if the customer does not comply.

"When customers share essential personal or login details, fraudsters gain unauthorized access to their accounts and engage in fraudulent activities," it added.

What to do in case of receiving a request for a KYC update, is contact your bank/financial institution directly for confirmation/assistance, RBI said.

"Obtain the contact number/ customer care phone number of the bank/ financial institution only through its official website/ sources," the central bank said.

Customers should inform the bank/ financial institution immediately in case of any cyber fraud incident.

The Reserve Bank also cautioned the public against clicking on suspicious or unverified links received on their mobile phones and emails.

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