Reserve Bank of India has cautioned people against frauds on the pretext of updating Know Your Customer or KYC details. It has also alerted the public to be vigilant while sharing any of their personal or financial information with unidentified people. This fresh set of cautions stems from several reports and complaints of people falling prey to fraudulent activities in the name of KYC updation.
RBI has said that people engaged in fraudulent activities follow the usual modus operandi like making unsolicited calls, emails or message urging the customers to share their personal details like account login, card or PIN information. Along with messages to provide personal details, there are also threats of account freeze or block/closure. If the customer falls prey to the threats and shares information over the call/message/unauthorized application, fraudsters easily get access to customer’s account and they easily conduct fraud, cautioned RBI.
RBI has warned public to not share any of the details like account login details, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. RBI has also directed banks that for those accounts whose KYC updating is still pending, no restrictions on operations to be imposed till December 31, 2021.