Prevent KYC fraud: follow RBI's latest guidelines - Dos and don'ts

KYC fraud continues to be a significant concern across the country, with numerous individuals falling victim to fraudulent schemes resulting in substantial financial losses. To address this issue, the Reserve Bank of India (RBI) has recently released updated guidelines aimed at raising awareness and preventing KYC fraud.

Here are the key dos and don'ts recommended by the RBI to safeguard against KYC fraud:

Dos:

Directly Contact Your Bank: Reach out directly to your bank or financial institution for KYC updates or completion, rather than responding to unsolicited communications.

Obtain Bank's Contact Details from Official Sources: Access the contact details of your bank or financial institution from their official website or app to ensure authenticity.

Report Fraud Immediately: If you suspect fraudulent activity, promptly report it to your bank or financial institution to mitigate potential risks.

Inquire about KYC Options: Visit your bank branch to explore available modes and options for updating KYC details.

Don'ts:

Never Share Login Credentials: Refrain from sharing account login credentials, card information, PINs, passwords, or OTPs with anyone under any circumstances.

Avoid Sharing KYC Documents: Do not disclose your KYC documents or copies to unknown or unidentified individuals or organizations to prevent misuse.

Stay Away from Unverified Apps/Websites: Exercise caution and avoid sharing sensitive information through unverified or unauthorized websites or apps.

Avoid Clicking on Suspicious Links: Refrain from clicking on suspicious or unverified links received via SMS or email, as they may lead to phishing attempts.

By adhering to these guidelines, individuals can better protect themselves from falling prey to KYC fraud schemes and safeguard their financial assets.