RBI Alert: The RBI alerts the public! Watch out for scams occurring under the guise of KYC updates

RBI Alert: The RBI alerts the public! Watch out for scams occurring under the guise of KYC updates

RBI Alert: The RBI alerts the public! Watch out for scams occurring under the guise of KYC updates

The Reserve Bank of India reports that several clients have fallen prey to fraudsters pretending to update their KYC in recent times.

The Reserve Bank of India, which oversees the banking industry, has alerted the public about scams occurring under the guise of KYC updating. According to RBI, several clients have recently fallen prey to fraudsters pretending to update their KYC. Numerous reports of this kind have surfaced. The RBI has recommended the public to exercise caution in this kind of circumstance in order to prevent losses and safeguard themselves from scams of this kind.

In an announcement, the RBI detailed how individuals are being defrauded under the guise of upgrading KYC. In these situations, consumers first get a call, text, or email encouraging them to commit fraud. via which consumers' personal information is disclosed in an effort to sway them. In addition, they get a message or a link via which they must install an unapproved or unverified program on their phone, requesting for their account login information.

These messages try to seem overly impatient or to exert pressure on the recipient by threatening to block, freeze, or terminate the account in the event that they don't cooperate. Customers give the fraudster access to their account and enable them to carry out the scam when they provide sensitive personal information or login credentials.

RBI has recommended individuals to report financial cyber fraud as soon as possible by calling the Cyber Crime Helpline at November 1930 or via the National Cyber Crime Reporting Portal at www.cybercrime.gov.in. Additionally, the RBI has released instructions for people on what they should and shouldn't do.

What has to be carried out

Prior to seeking a KYC update, make a direct support request to your bank or other financial institution.

Get bank and financial institution contact information or customer care numbers exclusively from official websites and sources.

Notify the bank or other financial organization as away if there is a cyberfraud incidence.

What not to do

Never give out your card information, PIN, password, OTP, or bank account login information to anybody.

Don't provide copies of the KYC paperwork to people or organizations you don't know well.

Never provide any important information via unapproved, untrusted websites or apps.

Avoid clicking on dubious or unreliable links that you get via email or mobile devices.