NEWDELHI February 4, 2024:In a recent press release, the Reserve Bank of India (RBI) has once again cautioned the public against falling victim to fraudulent activities related to Know Your Customer (KYC) updation. Following numerous incidents of individuals being targeted by scams, the central bank emphasizes the need for caution and due diligence to prevent financial losses.
The typical modus operandi of such frauds involves individuals receiving unsolicited communications, including phone calls, SMS, or emails. Fraudsters use these channels to manipulate victims into disclosing personal information, account details, or installing unauthorized apps through provided links. These communications often create a false sense of urgency, threatening account freezing, blocking, or closure if the recipient fails to comply.
To safeguard against such malicious practices, the RBI advises the public to adopt the following measures:
Do’s
- Verify Requests: When receiving any request for KYC updation, contact the respective bank or financial institution directly for confirmation and assistance.
- Use Official Contacts: Obtain contact numbers or customer care information from the official website or trusted sources of the bank or financial institution.
- Immediate Reporting: Inform the bank or financial institution immediately in case of any cyber fraud incident.
- Branch Enquiry: Inquire with the bank branch to confirm available modes/options for updating KYC details.
- Reference RBI Guidelines: Refer to paragraph 38 of the RBI Master Direction on KYC dated February 25, 2016, for additional information on KYC requirements and channels for updation.
Don’ts
- Avoid Sharing Credentials: Never share account login credentials, card information, PINs, passwords, or OTPs with anyone.
- Secure KYC Documents: Do not share KYC documents or copies with unknown or unidentified individuals or organizations.
- Use Authorized Channels: Refrain from sharing sensitive data through unverified or unauthorized websites or applications.
- Beware of Links: Avoid clicking on suspicious or unverified links received via mobile or email.
In the event of financial cyber fraud, the public is urged to promptly lodge complaints on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through the cybercrime helpline (1930).
By following these guidelines, individuals can contribute to their own security and help combat fraudulent activities. The RBI emphasizes the importance of public awareness and cooperation in maintaining a secure financial environment.
