Reserve Bank of India (RBI) has asked people not to panic if they get such messages stating that their bank account will be blocked if KYC is not updated. Such messages are often sent to create fear. RBI has also given rules to stay safe.
Hackers are adopting new tactics to extort money from innocent people. Now RBI has issued a new warning about a common scam related to banking. In this scam, fraudsters pose as bank officials and pressure customers to update their KYC information. RBI has sent this warning to people on WhatsApp.
Reserve Bank of India (RBI) has asked people not to panic if they get such messages stating that their bank account will be blocked if KYC is not updated. Such messages are often sent with the aim of creating fear and inciting users to take action without checking whether the request is genuine or not.
The bank gave three easy rules
The Central Bank’s message includes three simple rules. These include “Stop, Think and Act”. “Wait” means that users should not rush to click on links or follow instructions received from an unknown message or call.
The second rule is “think”. RBI specifically warns that banks and non-banking financial companies (NBFCs) do not send links for KYC updates. If in any message you are asked to click on any link to save your account from being blocked, then it should be considered as an alarm bell.
The third rule is to “work” carefully. Users should never click on suspicious KYC links or share sensitive information like OTP, PIN and password. Instead, they should contact their bank or NBFC through official channels and find out if a KYC update is indeed required.
The RBI message also said that “unknown link” means “unknown risk”. The Central Bank has appealed to the people to remain informed and alert, and not to respond to messages that cause haste or panic.
KYC scams can give fraudsters access to your bank OTP
The warning comes amid a number of cases where fraudsters have used KYC updates to gain access to banking and card information. In a recent case, police in Noida busted an alleged cyber fraud call center where suspects posed as bank representatives and contacted credit card users regarding KYC updates and reward points.
According to the police investigation, the fraudsters convinced the victims to download an APK file that resembled a banking app. This dangerous app could steal sensitive information entered by users and could also intercept the OTP sent to their phones. Subsequently, the stolen card information and OTP were allegedly used to make purchases, which also included gold and silver coins.
In another case, TOI recently reported that a man in Gurugram allegedly lost Rs 1.28 lakh. A caller posing as an Axis Bank official told him that his KYC was incomplete. The victim clicked on a link sent by the caller and later discovered that money had been withdrawn from his account.
Therefore, if there is any doubt regarding the KYC request, contact your bank directly through its official website, app or customer care channel. Users are advised to never use links or phone numbers given in any suspicious message.
