RBI Issues Do’s and Don’ts Guide for Safeguarding Against KYC Fraud Threats

In KYC frauds, scammers trick victims into revealing important personal information such as bank account details via unsolicited communication such as email, messages, and calls. After the victim falls prey to these scams, fraudsters gain unauthorized access to accounts leading to fraud.

To raise more awareness among the public to avoid getting scammed, RBI has launched several do’s and don’ts to be followed by the public.

DO:

• Directly contact your bank: One should directly reach out to their bank in case they want to get their KYC done or update their KYC.
• Get the bank’s contact details from the official website only: Every bank has its official contact mentioned on their official website and app. It is advised to the public to use those numbers only. If anyone calls from any other numbers other than the ones on the official website, the public should not entertain them as they are likely to be scammers.
• Report fraud immediately: In case they have been scammed, report the fraud to the bank or a financial institute immediately so that immediate action can be taken.
• Inquire about your KYC options: It is important to know the options available to get or update your KYC.

Don’t:

• Do not share your login credentials: Do not share your account details, credentials, passwords, or OTPs with anyone as it might lead to a scam.
• Do not share your KYC documents: Refrain from sharing your documents with an unknown person/authority to avoid scams.
• Do not share data on unauthorized websites: Avoid sharing your personal details on unauthorized websites.
• Do not click on any links sent via SMS: Never click on links sent via SMS as it may lead scammers to your personal details.

If the public becomes more aware of these measures issued by RBI, scams are likely to be reduced.