Beware of KYC updation fraud

Know Your Customer (KYC) fraud is a widely prevalent form of cyberfraud these days.

What is KYC fraud

• Know Your Customer (KYC) are a set of standards used in the investment services industry such as banks, to verify customers and their risk and financial profiles. 
• Fraudsters exploit this necessity by sending fake messages (SMS)/mails/voice calls posing themselves as Bank officials and ask him/her to update their KYC details, failing which their account will be blocked due to pending KYC or other reasons. This causes panic and fear to the users regarding discontinuation of the service. 
• In the pretext of suggesting methods to update the KYC, fraudsters ask users to download APK files containing malware to steal account and personal information or ask to share the One Time Password (OTP).

Citizens should be aware that no bank/service agency asks for personal information on call or through such practices.

Precautions to be taken

• Do not download files from unknown sources.
• Never click on unauthorized links for downloading Apps shared over mails or Social media apps like WhatsApp etc.
• Always download Apps from official App stores.
• Block and report suspicious contacts.
• Treat unsolicited requests for sensitive information with caution.
• Never share your confidential information like Bank ac no ,Card no, CVV, PIN, OTP, / Internet banking details etc. to anyone.
• Exercise caution before you share Personal information to others.

 What to do if you face a KYC fraud

• Report suspected fraudulent communications via Chakshu portal
• Call 1930 to report Cyber Fraud.
• Promptly report fraud activities to your bank/service agency.