Reserve Bank of India (RBI) issued a warning to the public about not sharing their account login details, personal information, copies of KYC documents, card information, password, PIN and OTP to any unfamiliar person or agency.
“Such details should not be shared through unverified/unauthorised websites or applications. In case they receive any such requests, customers are requested to get in touch with their bank/branch,” said the RBI.
Central bank has been receiving several complaints from customer who feel prey to frauds. Such frauds call, SMS or email customer requesting them to share their personal details (OTP, PIN, card details, account details etc) under the name of KYC updation and end up emptying their bank account.
“It is also clarified that while the regulated entities are required to undertake periodic updation of KYC, the process of periodic updation of KYC has been simplified to a large extent,” said the RBI.
Such communications also carry the threat of account freeze and block. Once they have defrauded the customer, there isn’t much anybody can do about it. Therefore, to prevent it from happening in the first place, SBI is spreading awareness.
“Regulated entities have been advised that in respect of customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account will be imposed till December 31 for this reason alone unless warranted under instructions of any regulator/enforcement agency/court of law.