Reserve Bank cautions people against giving account, passwords to agencies unfamiliar with KYC – reserve bank cautions people against giving account passwords to agencies unfamiliar with kyc
RBI said in a statement that it has received complaints/reports regarding fraud with customers in the name of KYC updation.
According to the statement, “Such frauds generally involve calls, SMS, e-mails etc. received from customers regarding KYC updation and personal information, account/log-in details, card information, PIN, OTP etc. are demanded. In this, it is asked to download the unauthorized application through the link sent for KYC update.
According to the RBI, it has also received reports that phone or message givers are also warning customers of account closure if they do not do so.
Once the customer calls/messages/shares information through unauthorized applications, the fraudsters get access to the accounts of the person concerned, the statement said.
“People are cautioned not to share account log-in details, personal information, copies of KYC documents, card details, PIN, password, OTP etc. with unknown persons or agencies,” RBI said. ‘
This information should also not be given through unauthorized website or application (app). If customers get any such message, they should contact their bank immediately.
RBI said that regulated entities are required to update KYC at regular intervals. The process has been simplified to a great extent.
Regulated entities have been advised that no restriction will be imposed on accounts in respect of which KYC update is required at regular intervals till December 1, 2021, only in the name of KYC.
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