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RBI warns citizens about KYC frauds and suggests ways to protect against them

Recently, the central bank saw a spike in complaints about frauds being perpetrated under the guise of updating KYC.

“Members of public are hereby cautioned not to share account login details, personal information, copies of KYC (Know Your Customer) documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies,” the Reserve Bank of India (RBI) warned in a press release. It also directed users to not share details through unauthorised websites or applications. The customers must immediately inform their bank branch in case they receive such a request, the statement added.  Online scams and ATM frauds constitute a major chunk of cyber crimes as digital banking makes swift inroads in our lives. The Parliament in February this year said that over 2.9 lakh cyber security incidents related to digital banking were reported in 2020. With KYC becoming the norm to access banking services, many cyber criminals are looking to exploit this mechanism to dupe unsuspecting customers, who…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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