Know-How To Protect Your Bank Account From KYC Scam

On Tuesday, the Reserve Bank of India issued a warning stating that the general public of the increase in fraud. On September 13, 2021, the RBI tweeted to warn people about bank fraud concerned to the ‘Know Your Customer’ document and ‘how to protect your bank account‘ from a KYC scam.

In a press release and tweets, Apex Bank has warned the customers against sharing personal account details with fraudsters. The Reserve Bank of India has received several reports and complaints about banking customers who are prey to fraud in the name of KYC renewal.

The RBI states, Regulated entities (REs) need to make regular updates to the KYC, but the process of regular updates to the KYC has been significantly simplified with a circular dated May 10, 2021. 2021 Please refer to the Notice Dated May 5, 2021. RE is due for the KYC to be renewed regularly and for currently pending customer accounts until December 31, 2021, for this reason. You have been informed that we will not impose any restrictions on the operation of such accounts. Unless guaranteed under the direction of a regulator/enforcement agency/court, etc., alone.”

Also Read: Online PF Transfer: Steps To Transfer EPF Through EPFO Portal

Apex bank added that people should not share their account login information, personal information, card information, OTPs, PIN, passwords, or any other confidential details with unknown persons or institutions.

Keeping all these in mind, the customers may be aware of future scammers and also follow up with the bank nearest branch in case if they receive such calls or messages. Customers can also call the bank instantly.

Singh Vivek

With over 5 years of writing obituaries for a different organisation, I have a uniquely wry voice that shines through in my newest collection of articles.

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