KYC Frauds: RBI warns customers against online scams; Here’s how to stay safe

RBI further said in a statement that certain details should not be shared via unverified or unauthorised channels/websites or even applications after getting such a request.

Online frauds have increased a lot these days. Keeping that in mind, the Reserve Bank of India (RBI) had issued a warning to the general public against the rise in fraudulent transactions. On September 13, RBI in a tweet alerted people against bank frauds that are related to Know Your Customer (KYC) documents. The apex bank warned people that they should never share any kind of personal account-related information with fraudsters. This comes after the bank has received so many complaints and reports on the customers being cheated in the name of KYC updation. People should not share any kind of OTP, card details, PIN number or anything confidential.  RBI said in a tweet, “RBI cautions against frauds in the name of KYC updation.” It also had a link to the press release put out by the RBI.