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.
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