KYC frauds: RBI cautions public not to share account details, passwords with unidentified agencies

The RBI cautioned people against frauds in the name of KYC updation and advised them not to share key information with unidentified persons.

The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies.  In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name 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 said.  Such communications are also reported to carry threats of account freeze, block or closure.