RBI urges public to be cautious of fraud in the name of KYC update

The Reserve Bank of India (RBI) on Friday asked the members of the public to be cautious of frauds executed in the guise of Know Your Customer (KYC) updation and advised them to take due care in protecting themselves from malicious practices.

The banking regulator issued the note of caution amid a surge in reports of customers falling prey to frauds committed under the name of KYC updation.

“In the wake of continuing incidents/reports of customers falling prey to frauds being perpetrated in the name of KYC updation, the RBI once again urges the members of the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices,” the RBI said in a press statement.