The Reserve Bank of India issued an alert on Monday (September 13) advising bank customers to be safe when it comes to online transactions. This came after the central bank received several complaints that many bank customers are being duped in the name of the KYC (Know Your Customer) update.
According to the RBI, the customers are being asked to share personal information by sending calls, SMS and emails that includes login details, card details, PIN and OTP. Some scamsters may also ask the customers to install an unauthorized or unverified app for a KYC update by sending a link.
In a statement released by the RBI, it said that customers are told that if they do not update their details then their account can freeze, block or close and so the customer is bound to share information. If the customer shares his information over a call, message or illegal app, the fraudsters will get access to his account and can cheat the customer.
It has been advised by the Central bank that customers do not share their account login details, personal information, copy of KYC documents, card details, PIN, password and OTP etc. with unknown persons or agencies.
As per RBI, the regulated entities need to update KYC from time to time but the process has been simplified.