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RBI cautions against frauds in the name of KYC updation


MUMBAI: banking regulator Reserve Bank of India (RBI) on Monday warned people not to share account login details, personal information, copies of KYC documents, card information, PIN, password and OTP with people or unidentified agencies.
“Such details should not be shared through unverified / unauthorized websites or applications. In case they receive such requests, customers are requested to contact their bank / branch,” the RBI said.
The central bank has been receiving complaints about clients who are victims of fraud perpetrated in the name of the KYC update.
The usual modus operandi in such cases includes the receipt of unsolicited communications such as calls, SMS and emails from the customer, urging them to share certain personal data, account data / login / card information, PIN and OTP or install any unauthorized / unverified application for KYC Update using a link provided in the communication.
These communications are also reported to carry threats of account freezing / blocking / closure. Once the customer shares information via an unauthorized call / message / app, the scammers gain access to the customer’s account and defraud the customer.
“It is also clarified that while regulated entities are required to make regular KYC updates, the KYC regular update process has been greatly simplified,” the RBI said.
“Regulated entities have been informed that with respect to customer accounts in which the periodic update of KYC is due and is pending on the date, no restrictions will be imposed on the operations of said account until December 31 only for this reason, unless justified under the instructions of any regulator / enforcement agency / court of law. ”

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