The Reserve Bank of India (RBI) has — time and again — cautioned investors against frauds being perpetrated in the name of KYC updation. In the wake of spate of such incidents which took place in the recent past, RBI has again urged the investors to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices.
The modus operandi of these operations
1. Customers receive unsolicited communications such as phone call/ SMS/ email, through which they are manipulated into revealing personal information such as login details.
2. They are also urged to install unauthorised or unverified apps through links sent in the messages.
3. Usually the caller creates an urgency and would threaten the blocking or freezing of the account upon failure to comply.
4. After customers share essential personal or login details, fraudsters gain unauthorised access to their accounts and engage in fraudulent activities.
In case of financial cyber frauds, one should immediately lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through cybercrime helpline (1930).
Make sure to follow these dos and don’ts
Do’s
1 If you have received any request for KYC updation, contact the bank directly for confirmation or assistance.
2 Make sure you have obtained the contact number or customer care phone number of the bank through their official website.
3. Immediately inform the bank or financial institution in case of a cyber fraud incident.
4. You should also enquire with your bank branch to ascertain available modes or options for updating the KYC details.
Don’ts
1. Remember never to share account login credentials, card information, PINs, passwords, OTPs with anyone. It is also vital not to share the KYC documents with unknown or unidentified individuals or organisations.
2. Customers are urged not to share any sensitive data/ information through unverified/unauthorised websites or applications.
3. And importantly, do not click on suspicious or unverified links that are sent on your mobile or email.
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Published: 05 Feb 2024, 09:51 AM IST
