KYC Update Fraud: SBI warns users on KYC online scams, read how to stay away from frauds

The State Bank of India (SBI) on Tuesday alerted KYC users or those planning to get registered to be aware of the frauds that are 'real'. According to the advisory generated by the SBI, the fraud takes place after miscreants send a text message pretending to be a bank/company representative with an aim to get your personal details. The bank has also shared a link to report such cybercrime that 'has proliferated across the country'. 

As per the alert generated by SBI, Here's how to stay away from Frauds

• Do not click on any link which you might find suspicious.

• Remember, the bank never sends links to update KYC.

• Don't share your mobile number, confidential data, OTP, or any passwords with anyone.

The bank has advised its users to immediately file a report if they have been a victim of any cybercrime. Reports can be filed through the cybercrime department or by contacting through toll-free customer care numbers - 18004253800, 1800112211. The Ministry of Home Affairs has also launched a portal that caters to complaints pertaining to cyber crimes only with special focus on cyber crimes against women and children. 

To file such complaints, victims can reach out to the online government portal- https://www.cybercrime.gov.in/ made for prompt actions against crimes. In case of emergency, one can also report crimes other than cybercrime through the national police helpline number is 100. The national women helpline number is 181, added the online website. 

Why KYC verification is needed?

Know Your Customer (KYC) is an important step followed by banks to make sure that their customers are genuine. It is basically done to verify identity of the user. Last month, the Reserve Bank of India (RBI) had asked banks and other regulated financial entities not to impose any disciplinary restriction against customers for failure to update KYC till 31 December 2021.

"Keeping in view the COVID-related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021," RBI Governor Shaktikanta Das had said while announcing steps to deal with the COVID pandemic.