RBI RBI warns of KYC fraud. Here’s what you should do.

RBI warns of KYC fraud. Here’s what you should do.

RBI warns of KYC fraud. Here’s what you should do.

RBI warns of KYC fraud. Here’s what you should do.

  • ·The Reserve Bank of India (RBI) has issued a warning to the public against frauds perpetrated in the name of KYC updation.
  • ·The RBI said in a statement that it has received complaints and information regarding clients falling victim to frauds conducted in the name of KYC updation.

Modus Operandi

Customer receives unsolicited communication, such as calls, SMSs, emails, etc., 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, according to the central bank.

  • Accounts have been reported to be frozen, blocked, or closed as a result of such conversations. Fraudsters gain access to a customer's account and defraud him/her after a customer reveals information over a phone, message, or unauthorised application.

  • “Members of the public are advised not to disclose account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, or other sensitive information with unknown individuals or agencies. Furthermore, such information should not be shared through untrusted or unauthorised websites or applications, according to the RBI.

What to do?

  • ·Customers should refuse any requests for account login credentials, personal information, or copies of KYC documents, according to the RBI. They should contact their bank or branch.
  • ·The RBI further emphasised that while Regulated Entities (REs) are obliged to update their KYC on a regular basis, the process has been simplified to a considerable extent by a circular dated May 10, 2021.
  • ·Even farther, the Regulated Entities were “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 until December 31, 2021, for this reason alone, unless warranted under instructions of any regulator/enforcement agency/court of law, etc,” according to a circular issued by RBI on May 5, 2021.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

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