RBI cautions against KYC-linked frauds

Tribune News Service

Updated At : 02:09 PM Feb 03, 2024 IST

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New Delhi, February 2

The Reserve Bank of India (RBI) has cautioned the public against frauds in the name of KYC update in the wake of continuing incidents of customers falling prey to frauds.

It said the modus operandi for such frauds usually involved customers receiving unsolicited communications through which they were manipulated into revealing personal information or installing unverified apps through links provided in the messages. The fraudsters often employ tactics of creating a false urgency and threatening of account closure, if the customer fails to comply.

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