SBI warns of KYC update fraud. 3 things you must do to keep your account safe
PremiumSBI alerts customers: KYC fraud is real, and it has proliferated across the country
The State Bank of India (SBI) has alerted its customers against the increasing cases of online fraud. Issuing an alert through a post on Twitter, the bank put out a warning alerting people where fraudsters dupe people in the name of Know Your Customer or KYC verification. "KYC fraud is real, and it has proliferated across the country. The fraudster sends a text message pretending to be a bank/company representative to get your personal details," SBI said in a tweet.
SBI account holders also need to be careful as recently India's largest lender decided to permit acceptance of documents for KYC update through mail or post in the wake of difficulties faced by customers due to local lockdown induced by the second wave of coronavirus pandemic.
MORE FROM THIS SECTIONSee All
SBI has shared 3 safety mantras to avoid these fraudsters
- Think before you click any link
- The bank never sends links to update KYC
- Don't share your mobile number and confidential data with anyone
How to report KYC fraud?
The bank has cautioned its customers to immediately report any unauthorised transaction in their bank accounts. If you notice any unauthorised transaction in your bank account, please report it immediately to the toll-free customer care numbers - 18004253800, 1800112211. They should also immediately file a report with the cybercrime department.
What is KYC verification?
KYC means Know Your Customer. It is an important step followed by banks to make sure that their customers are genuine.
Last month, the Reserve Bank of India (RBI) had asked banks and other regulated financial entities not to impose any punitive 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.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!