Mumbai: Banking Regulator Reserve Bank of India (RBI) on Monday warns people not to share the account login details, personal information, copies of KYC documents, card information, pins, passwords and OTPs with unknown people or institutions.
“Such details may not be shared through a website or application that is not indicated / invalid.
If they receive the request, customers are asked to contact their bank / branch,” RBI said.
The central bank has received complaints about falling customers preying on fraud done on behalf of KYC updates.
Ordinary modus operandi in such cases includes unsolicited communication acceptance, such as calls, SMS and emails by customers urgently to share certain personal details, account details / login / card information, PIN and OTP or install some unauthorized applications / Not removed for KYC updates using the link provided in communication.
Such communication is also reported to bring the threat of freezing / block / closure accounts.
After the customer shares information through calls / messages / applications without permission, fraudsters get access to your customer account and deceive him.
“It is also clarified that while the regulated entities are needed to perform KYC periodic updates, the KYC periodic update process has been simplified largely,” RBI said.
“The arranged entity has been suggested that in connection with the customer’s account where KYC periodic updates are due and delayed on the date, no restrictions on the operation of the account will be applied until 31 December for this reason unless needed under the instructions of each regulator / enforcement body / District Court.
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RBI warns of fraud on behalf of KYC updates
