The Reserve Bank of India (RBI) on Tuesday issued a warning, informing the general public against recent upticks in fraudulent activity. The RBI put out a tweet on September 13 cautioning people against bank fraud related to Know Your Customer (KYC) documents. The apex bank warned people on its tweet and its press release against sharing their personal account-related information with scammers. Apparently, the RBI has been receiving many complaints and reports about customers falling prey to fraud being perpetrated in the name of KYC updation. The top bank said that members of the general public should not share certain personal details such as login information, card details, PIN number or even One-Time Passwords.
The tweet issued by the RBI read: “RBI cautions against frauds in the name of KYC updation.” In the tweet was the link to the full official press release by the RBI.
In the press release, the RBI said, “The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account/login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication. Such communications are also reported to carry threats of account freeze/ block/closure. Once customer shares information over call/message/unauthorised application, fraudsters get access to customer’s account and defraud him/her.”
“Members of public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies,” added the apex bank. The press release further went on to state that such details should not be shared through unverified or unauthorised channels/websites or even applications in the case that a customer receives such a request. In the event that these requests are made, customers are advised to immediately get in touch with their bank branch to verify the need for these documents or information.
This comes against the backdrop of the need to periodically update one’s KYC by the Regulated Entities (REs). While this is a must, the process of doing so had been simplified significantly according to the RBI’s press release.
The RBI said, “It is also clarified that while the Regulated Entities (REs) are required to undertake periodic updation of KYC, the process of periodic updation of KYC has been simplified to a large extent vide circular dated May 10, 2021. Further, vide circular dated May 5, 2021, REs have been advised that in respect of customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021, for this reason alone, unless warranted under instructions of any regulator/ enforcement agency/court of law, etc.”
With this in mind, be wary of scammers and fraudsters going forward and make sure to follow up with your bank’s local branch in case you do ever get such a request or a call. The safest way and the quickest way is to immediately call your bank, no matter what they (the scammers) may infer may happen if you don’t share your details (like accounts getting frozen and such).
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