Mar 8, 2023

KYC frauds on the rise: Dos and don'ts

Prabhakar Jha

​KYC frauds​

Mumbai city has seen rise in cases related to KYC frauds. In just two weeks, police have registered 78 FIRs. In order to avoid falling prey to such frauds, here's a list of dos and don'ts.

Image Source: Agencies

Delete suspect messages

Do not click on unknown, unverified links/Email/SMS. Immediately delete suspect messages by unknown senders

Image Source: Agencies

Official website​

Always visit the official website of your bank or service provider for customer care

Image Source: Agencies

Veryfing details

Carefully verify a website’s details, especially where it requires entering financial credentials.

Image Source: Agencies

Financial information​

Do not share personal or financial information like card details, PIN, OTP, password with anyone or over any link.

Image Source: Agencies

Official website​

For KYC updates, visit the nearest branch of your bank or refer to its official website.

Image Source: Agencies

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KYC update demands​

Don’t pay heed to unsolicited KYC update demands, as your bank will never share a link with you to update your KYC in an unsolicited manner

Image Source: Agencies

Third-party apps​

Banks and financial institutions also don’t ask you to install any third-party apps

Image Source: Agencies

Personal details

Bank officials will never ask for your confidential banking or personal details

Image Source: Agencies

Strong password​

Protect your mobile phone with a strong password or biometric authentication

Image Source: Agencies

Modus operandi​

Explaining the modus operandi, joint commissioner of police (crime) Lakhmi Gautam said fraudsters send fake SMSes with phishing links to customers stating their bank account would be blocked unless their KYC is updated.

Image Source: Agencies

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