According to the RBI's December 2023 statistics, digital fraud instances increased from 5,396 to 14,483 between April and September, compared to the previous year. The growing adoption of digital technology has improved efficiency and transparency while simultaneously raising fraudulent actions related to KYC updates.
KYC updating entails verifying and validating customer data to guarantee adherence to legal requirements. This procedure helps organisations reduce the risk of fraud, authenticating the identification of their customers while maintaining accurate records.
● Phishing: Fraudulent emails or messages trick users into revealing personal information. ● Fake websites: Mimicking legitimate sites to steal login credentials. ● Ponzi schemes: Promise great profits while using new investors' capital to repay old ones. ● Tech support scams: Fake tech support offers to gain remote access to devices for theft.
● Contact bank officials: If you receive any request for KYC updation, contact your bank officials to verify first. ● Take contact details from official websites: Use only the financial institution's official website to get the contact details. ● Inform the bank: In case of any fraudulent case, inform your bank immediately.
● Don't share login credentials: Never share your login ID, passwords, OTPs, PINs, or card information with anyone. ● Don't share KYC documents: Avoid sharing your KYC documents or their copies with unidentified businesses. ● Don't click suspicious links: Never click on links received from unidentified sources.
Open a Kotak Savings Account with advanced features. Apply Now!
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
