The Reserve Bank on Monday cautioned folks in opposition to frauds within the identify of KYC updation and suggested them not to share key info like account particulars or passwords with unidentified individuals or agencies.
In a launch, the RBI mentioned it has been receiving complaints/studies about prospects falling prey to frauds being perpetrated within the identify 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,” it mentioned.
Such communications are additionally reported to carry threats of account freeze, block or closure.
Once the client shares info over name/message/unauthorised utility, fraudsters get entry to his/her account, the central financial institution famous.
“Members of public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies,” RBI mentioned.
Also, such particulars ought to not be shared via unverified or unauthorised web sites or purposes. In case they obtain any such requests, prospects ought to get in contact with their financial institution.
The RBI additional mentioned that whereas the Regulated Entities (REs) are required to undertake periodic updation of KYC, this course of has been simplified to a big extent.
REs have additionally been suggested that in respect of buyer accounts the place periodic updation of KYC is due, no restrictions on operations of such accounts shall be imposed until December 31, 2021 for that reason alone, until warranted below directions of any regulator, enforcement company or courtroom of regulation.