RBI Cautions Against Sharing KYC Docs with Unknown Entities

The Reserve Bank of India (RBI) has issued a warning to the public against frauds in the name of KYC updation and advised not to share documents with unknown entities .

According to the RBI, some customers have received unsolicited communications, including phone calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or installing unauthorised or unverified apps through links provided in the messages .

These communications often employ tactics of creating a false urgency and threatening of account freezing/blocking/closure, if the customer fails to comply . When customers share essential personal or login details, fraudsters gain unauthorized access to their accounts and engage in fraudulent activities .

The RBI has cautioned the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices. It has advised the public to directly contact their bank/financial institution for confirmation/ assistance in case of any request for KYC updation .

The RBI has also urged the public to obtain contact number/ customer care phone number of the bank/ financial institution only through its official website/ sources . Moreover, the public should inform the bank/ financial institution immediately in case of any cyber fraud incident .

The RBI has also reminded the public that legitimate public lending activities can be undertaken by Banks, Non-Banking Financial Companies (NBFCs) registered with RBI and other entities who are regulated by the State Governments under statutory provisions, such as the money lending acts of the concerned states.

The RBI has further mandated that digital lending platforms which are used on behalf of Banks and NBFCs should disclose name of the Bank (s) or NBFC (s) upfront to the customers. The names and addresses of the NBFCs registered with the RBI can be accessed here and the portal for filing complaints against the entities regulated by the RBI can be accessed through https://cms.rbi.org.in.

The RBI has also cautioned the public against clicking on suspicious or unverified links received in mobile or email .

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