Home technology Banks warn of KYC fraud, here’s what you should do

Banks warn of KYC fraud, here’s what you should do

by Desk
Banks warn of KYC fraud, here's what you should do

Every day, messages regarding the bank account’s KYC arrive. Many of these messages include a link that, when clicked, prompts the user to complete the account’s KYC. If you’ve received one of these messages, don’t forget to click on any links. Otherwise, your account might end up being empty.
A message appeared recently, instructing users to complete the KYC of their SBI account by clicking on a link. The customer was informed that his SBI account had been suspended due to non-compliance with KYC requirements. The KYC process is to be completed by clicking on the link provided in the message.

kyc fraud

Every day, banks send out fake message alerts to their customers. Remember that you will never be asked to click on any link sent by the bank in any message or email. Neither company asks for the customer’s personal or financial information. However, the fraud message instructs the recipient to click on a link, after which the customer’s personal information is requested, and the fraud is carried out.

How can you tell if the message is about fraud?

The fact that the link is being asked to be clicked is the first indication that the message is a fake. Another proof is that the Reserve Bank of India has directed banks and other financial institutions not to take any action against customers for failing to update KYC on their accounts by the end of the financial year 2021-22, i.e. by March 31, 2022. So, how do you suspend a customer’s account? The third piece of evidence is that the customer who received this message does not have an SBI account. How can an account be suspended and KYC completed if there is no account?

How to Spot Fake Text Messages

There are several ways to determine whether a message you received came from a bank or was sent by a fraudster.

  • When a message is sent from a bank, the mobile number is not displayed in the sender field; instead, a short form of the sender bank’s name is displayed.

In the message sent by the banks, there are no grammatical errors. On the other hand, fraud messages contain grammatical or spelling errors.

Customers are never asked for their personal or banking information via phone calls, messages, or emails by the Bank or any of its representatives.

Banks or their representatives will never request that you click on a link.

  • Banks and other financial institutions only send messages to their customers; they do not send messages to everyone.