(Image source from: Indianexpress.com)

The Reserve Bank of India (RBI) warned the citizens to be extra cautious about the fraudulent activities that are happening in the name of KYC updation. The Central Bank received a number of complaints about the people being cheated about the frauds that are done in the name of KYC updation. There are several communications reported urging the customers to share their personal details through calls and SMS. The customers are given a link to complete the KYC which is a fake link that directs to the payment page. Some unauthorized and unverified applications are installed through the links.

Some of the accounts may get closed or blocked through this process. The fraudsters will get access to the customer's account after the information is shared. RBI asked the customers to be extra cautious and asked them not to share the passwords, OTPs or other sensitive information related the bank accounts. RBI cautioned the people against the rising KYC frauds in the country. The login credentials along with the personal information should not be shared urged the Central Bank. Such details should not be shared through the unauthorized and unverified websites or applications. The customers are asked to get in touch with their banks in case if they receive any requests. The regulated entities will undertake the updation of KYC told RBI in a statement.