KYC Update Scam: The Reserve Bank of India (RBI) message has flashed on WhatsApp for millions of users this week, warning them about bank KYC fraud that can drain all their money out of the account. KYC or Know
Your Customer is a standard process for all entities to verify their customers and banks also have the process to make sure the person using the bank account is the same.
This has also become a powerful weapon in the hands of scammers, who flush out personal details of innocent targets and send them a message or an email asking them to update their details for the bank account.
Update KYC Or Your Account Freezes
The RBI alert talks about the KYC update scam which becomes scary when the person reads the message and gets worried. The KYC update becomes important because the communication says if you don’t update, the bank account will be blocked/frozen and that puts all your hard earned money behind the bars and you cannot access it.
This is scary for anyone but scammers use this trick to get people to click on the Update KYC link and start the whole maze of their attack on the victim and they don’t even realise its impact.
What Is RBI Asking You To Do About KYC Alerts
The banking authority of India has asked one simple and a practical thing – do not panic if you get such emails/messages. Banks will never officially send you alert information and warn about blocking accounts unless there is a definite reason to do it.
Messages like these play with the emotions and fear of the victim and they end up clicking on links without actually checking for its credibility. RBI says, “stop, think and act,” which is the most reasonable thing to do in such cases.
| Stop | Do not rush into clicking a link or even call back on any number that you get in such messages. |
| Think | RBI says banks will never send you links with KYC update alert and if that does happen then rest assured it is a scam |
| Act | Never click on any links, share personal details like debit card PIN or OTPs when such messages/calls come |
What Is The The APK File Bank Attack
APK files are an easy way to install apps on Android phones by sideloading these files. The scammer will first alert you about the KYC update pending, ask you to install the APK file to do it sitting at home, and eventually use those details to either hijack your device or get details to make a duplicate account or a number. When that happens, the OTPs for your number and account go directly to them and you don’t even realise that money has been taken out of your account.
Never Do These To Avoid Online Scams
- Click on links from unknown senders or email
- Share personal details like OTPs, email ID and PIN number
- Install APK files on your Android phone from strangers
- Respond to calls or messages claiming your bank account will be blocked
Still many fall into the trap and every day you see news about innocent people being scammed out of lakhs and crores of their hard-earned savings. RBI says just be smart and you’ll be fine.
