On February 2, 2024, the Reserve Bank of India (RBI) reiterated its prior warning to the public, offering further suggestions in response to a rising tide of scams involving Know Your Customer (KYC) updates.
RBI amplified the cautionary tips issued earlier to the public on September 13, 2021, citing continuing incidents/reports of consumers falling victim to scams being perpetrated in the name of KYC updation.
Modus operandi
Customers typically receive unsolicited calls, texts, or emails requesting personal information, account or login credentials, or the installation of unapproved apps via links in the message.
Frequently, the messages intentionally instil a false feeling of urgency by threatening to freeze or close the customer’s account if they don’t cooperate. Customers provide fraudsters unauthorised access to their accounts and enable them to commit fraudulent operations when they divulge critical private details or login credentials.
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