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


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

the RBI stated it has been receiving complaints about prospects falling prey to frauds.

The Reserve Bank on Monday cautioned individuals in opposition to frauds within the identify of KYC updation and suggested them not to share key info like account particulars or passwords with unidentified individuals or agencies. 

In a launch, the RBI stated it has been receiving complaints/stories about prospects falling prey to frauds being perpetrated within the identify 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 stated. 

Such communications are additionally reported to carry threats of account freeze, block or closure. 

Once the shopper shares info over name/message/unauthorised software, fraudsters get entry to his/her account, the central financial institution famous. 

“Members of public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies,” RBI stated. 

Also, such particulars ought to not be shared by means of unverified or unauthorised web sites or functions. In case they obtain any such requests, prospects ought to get in contact with their financial institution. 

The RBI additional stated that whereas the Regulated Entities (REs) are required to undertake periodic updation of KYC, this course of has been simplified to a big extent. 

REs have additionally been suggested that in respect of buyer accounts the place periodic updation of KYC is due, no restrictions on operations of such accounts shall be imposed until December 31, 2021 for that reason alone, until warranted below directions of any regulator, enforcement company or court docket of regulation.




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