Profit Sheets

RBI cautions public against Know Your Customer( KYC) frauds

September 13, 2021 05:43 PM

RBI cautions public against Know Your Customer( KYC) frauds
The RBI advisory is against the backdrop of various complaints and reports about customers falling prey to frauds being perpetrated in the name of Know Your Customer( KYC) updating

The Reserve Bank of India (RBI) on September 13 cautioned the public against fraud related to Know Your Customer (KYC) documents.

The central bank warned against sharing account login details, personal information, copies of Know Your Customer (KYC) documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies.

Further, such details should not be shared through unverified or unauthorized websites or applications, the RBI said.

“In case they receive any such requests, customers are requested to get in touch with their bank/branch,” the RBI said.

Also Read:  RBI imposes one crore fine on HDFC bank for KYC violations

The RBI advisory is against the backdrop of various complaints and reports about customers falling prey to frauds being perpetrated in the name of Know Your Customer (KYC) updating.

Explaining the nature of such frauds, the RBI said the usual modus operandi in such cases include receipt of unsolicited communication, such as calls, SMSs, emails, etc. by customer urging him or her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorized/ unverified application for Know Your Customer (KYC) updation using a link provided in the communication.

Such communications are also reported to carry threats of account freeze/ block/closure. Once a customer shares information over call/message/unauthorized application, fraudsters get access to the customer’s account and defraud him/her, the RBI said.

Leave a comment

Market Live Updates


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here


NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ONGC 135.10 5.14 4,03,32,961
JSWSTEEL 660.50 4.31 84,34,405
INDUSINDBK 1,135.90 4.22 40,49,393
BAJFINANCE 7,591.25 2.00 8,17,841
UPL 722.90 2.45 31,22,653
COMPANY LTP %CHNG VOLUME
MARUTI 6,784.50 -2.39 7,54,854
AXISBANK 784.85
-1.38
55,25,654
HEROMOTOCO 2,839.30 -1.74 4,04,569
BPCL 415.50
-1.17
66,91,530
BAJAJ-AUTO
3,715.40
-1.61 2,10,350