6 minutes agoAuthor: Sandeep Singh
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In Lucknow, the capital of Uttar Pradesh, cyber thugs cheated millions of rupees in two separate cases in the name of KYC (No Your Customer) update.
In the first case, cyber thugs called a woman as a bank employee. After this, after taking OTP in the name of KYC verification, he blew Rs 81,793 from the credit card.
In the second case, the cyber criminal made a video call to a young man on WhatsApp from an unknown number. After this, in the name of updating KYC, he sent a link to an APK file. On clicking on this link, the young man’s mobile phone was hacked. Shortly after, around 36,000 rupees were deducted from the credit card of its Axis Bank and Rs 19,448 in HDFC Bank’s credit card twice. Cyber police is currently investigating both cases.
In the name of KYC update, the incidents of fraud are continuously increasing. The Reserve Bank of India (RBI) has warned people many times about this. By adopting some basic tips, you can protect yourself from this type of scam.
So let’s today News of the need I will talk about what is KYC fraud? Will also know that-
- How to avoid KYC fraud?
- What is the right way to do KYC?
Expert: Rahul Mishra, Cyber Security Advisor, Uttar Pradesh Police
Question- What is KYC?
answer- KYC is used by banks and non -banking financial institutions to identify their customer and verify the address. For this, customers have to verify their Aadhaar number and PAN number.
Question- What is KYC fraud?
answer- Cyber thugs scam in the name of updating or verifying KYC. In this, they call themselves as representatives of banks or financial institutions and first call, messages or email. They claim that there is a problem in your bank account or other financial service. For this, you need to update KYC immediately. If you do not do so, your account will be temporarily closed.
Sometimes a link is attached to such messages or emails, which takes to the fishing website. On clicking on this link, scammers steal your financial information and vacate the bank account.
Question- How can KYC identify fraud?
answer- If you get a call from the unknown number, in which the details of your bank are sought in the name of KYC, then understand that this is a scammer call. Keep these two things tied –
- It is worth noting, no bank, UPI app like PhonePe, Googlepe, Paytm and other financial institutions never call you for KYC verification.
- No bank, UPI app ever ask for OTP for KYC verification.
- If someone calls and said that your account is going to be closed, then it is a fraud. Immediately disconnect and block such a phone.
- Immediately inform the cyber police.
- Never share your card number, CVV number or PIN number in the name of KYC verification.
Also some precautions need to be taken. Understand it from the graphic below-
Question- What to do to avoid KYC scam?
answer- KYC is an essential process. This helps in preventing money laundering or financial fraud. KYC verification shows banks that their customer money is not inaugurated in any illegal activity.
However, if you make some mistakes while making it, then you can be a victim of fraud. So if you are getting KYC done for your bank, digital wallet or other financial service, then keep some things in mind. Understand it from the graphic below-
Question- Why should the customer keep his KYC update?
answer- KYC updates have many advantages. Understand this from these points-
- There will be no hindrance in banking service when KYC updates. If you do not have KYC update, then your bank account can be blocked. After this, ATM transaction, UPI apps and other banking service can also be stopped.
- You will not be able to invest in mutual funds, stock or gold bonds if there is no KYC update. If you have KYC updates, then any mutual funds and investment will be easy without any interruption.
- It is also necessary to have KYC updates for many digital payment apps like Googlepe, PhonePe or Paytm. If you do not do so, these UPI apps may cause problems in transacting.
- Banks and financial institution can refuse to give loans or credit cards if KYC is not updated. Actually, keeping KYC updates makes your credit score better, which makes the loan easier in approval.
- If you have taken any insurance then it is important to stay updated KYC. Not doing so can delay the claim process.
Question- What is the right way to update KYC?
answer- According to the guidelines of the Reserve Bank of India, it is necessary for all account holders to keep your KYC update regularly. You can get it done in both online or offline. Understand it from the points below-
How to get offline KYC update
step 1: First of all visit the nearest branch of the concerned bank or financial institution.
Step 2: Take the KYC form there and fill the Aadhaar card, PAN card details in it.
Step 3: After this your information will be verified by the bank.
Step 4: KYC will be updated if all the information is correct. You will get this information through SMS or email.
How to get KYC updated online
step 1: Login on the official website or app of your bank or financial institution.
Step 2: After this, click on the ‘KYC update’ section.
Step 3: Upload Aadhaar, PAN or other important documents.
Step 4: After this, verify the OTP on the mobile number.
Step 5: Verification will be found by SMS or email when KYC is updated.
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