‘Stay alert’: RBI cautions people to be careful in sharing info for KYC updation

The Reserve Bank of India (RBI) has once again cautioned bank customers of fraud, including in cases of Know Your Customer (KYC) cases. The central bank’s public awareness initiative ‘RBI Says’ shared a video on Twitter featuring actor Amitabh Bachchan which gave information about how criminals try to extract information form customers.

“@RBI Kehta Hai..Stay Alert! Do not share your login details, personal information, copies of KYC documents, card information, PIN, password, OTP etc. with unknown people or through unverified websites or Apps,” tweeted.

On Monday, the RBI issued a release in which the bank said that it has been receiving complaints about customers falling prey to frauds being perpetrated in the name of KYC updation.

“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,” the bank said in the release.

It said that once a customer shares information over call/message/unauthorised application, fraudsters get access to customer’s account and defraud him/her.

The RBI also cautioned people to not share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc with unidentified persons or agencies.

In case they receive any such requests, customers are requested to get in touch with their bank/branch, the bank added.

The RBI has recently ordered banks and other financial institutions to undertake periodic updation of KYC. It issued a circular in May, listing the “simplified” steps for the same.

The RBI has given a relief till December 31 to bank accounts whose periodic KYC is pending or due.

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