RBI cautions against frauds in the name of KYC updation

Summary

The Reserve Bank of India has issued a warning to the public against frauds in the name of Know Your Customer (KYC) updation. The modus operandi of these frauds involves customers receiving unsolicited communications, such as phone calls or emails, which manipulate them into revealing personal information or account details. RBI urges the public to exercise caution and adopt measures to prevent loss and safeguard themselves from such malicious practices. Specifically, customers should directly contact their bank or financial institution for confirmation of KYC updation requests, not share sensitive information with unknown individuals or organizations, and not click on suspicious links or download unverified apps.