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KYC Frauds: RBI Cautions Public Not to Share Account Details

The Reserve Bank of India has cautioned people against frauds in the name of KYC updation and advised them not to share key information such as personal details, account login details, card numbers and passwords with unidentified persons or agencies.

The banking regulator stated in a release 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 includes receipt of unsolicited communication like calls, SMSs, and emails by customers urging them to share certain personal details, account/login details, card information, PIN, and OTP, or install some unauthorised/unverified application for KYC updation using a link provided in the communication.

Such communications are also reported to carry threats of account freeze/block/closure. Once the customer shares information over call/message/unauthorised application, fraudsters get access to the customer’s account and defraud him/her. If customers receive any such requests, they have been advised to get in touch with their bank/branch.

The RBI has also clarified that while the regulated entities are required to undertake periodic updation of KYC, the process has been simplified to a large extent. The regulated entities have been advised that in respect of customer accounts where periodic updation of KYC is due, no restrictions on operations of such accounts shall be imposed till December 31, 2021, for this reason alone, unless warranted under the instructions of any regulator, enforcement agency or court of law.

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