RBI Cautions Public Against KYC Frauds


The Reserve Bank of India cautioned the public against frauds being perpetrated on the pretext of updating know-your-customer or KYC details. The regulator also alerted the public against sharing any personal or financial information with unidentified persons.

The fresh set of cautionary remarks come after the RBI received several complaints and reports of customers falling prey to frauds being perpetrated in the name of KYC updation.

The regulator said that the usual modus operandi in such cases include receiving unsolicited calls, emails or messages from unidentified person, urging the customer to share personal detonate like account login, card or PIN information.

“Such communications are also reported to carry threats of account freeze or block/closure,” the RBI said in a communication. “Once customer shares information over call/message/unauthorised application, fraudsters get access to customer’s account and defraud him/her.”

The RBI cautioned the public from sharing account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. It also said that such information should not be shared through unverified or unauthorised websites.


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