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Same Face, Multiple Identities: Tips to Safeguard Yourself from E-KYC Fraud

  • Highlights

  • The fraud usually begins with scammers offering to get KYC done quickly and remotely

  • Refrain from downloading any mobile app from links forwarded on text messages, emails, or other unknown sources 

  • Genuine representatives will never do your KYC over the phone or ask you for a money transfer for a KYC update 

Suresh received a call and the tele-caller asked him if he had got his KYC done. The caller also explained to him the significance of KYC and why it should be done immediately. Then he offered to do Suresh’s KYC on call in exchange for a small fee. In a bid to get KYC done quickly, Suresh accepted the offer.

To initiate the KYC process, the tele-caller asked Suresh to share his full name, account number, Aadhaar card number, and other personal details. During the call, he asked Suresh to download an app called TeamViewer to expedite the process remotely.

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After this, he asked Suresh to transfer the amount they had agreed on as his KYC fee. Once Suresh made the payment, he was assured that he would get a KYC confirmation soon. However, right after Suresh disconnected the call, he received two new text messages. The first was an OTP for a transaction on his debit card and the other was a notification that Rs. 50,000 had been debited from his account!

Shocking, isn’t it?

Well, here’s what happened:

The app that the tele-caller asked Suresh to download was a screen-sharing app. On downloading the app, it allowed the fraudster to see all the activity on Suresh’s phone screen. When Suresh was transferring him the fee, the fraudster slyly noted down Suresh’s bank account and card numbers along with the PIN and password details. He then used these details to transfer money into his account. The caller also needed the OTP, which he could easily see on Suresh’s phone screen due to the TeamViewer app which was installed.

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Always remember: It is impossible to do KYC over a phone call or by downloading a third-party app. To defraud you, fraudsters may even tell you that your existing bank KYC has been rendered invalid and they can help you re-validate it. This again is not possible.

Here are a few fraud prevention tips to help you stay safe from frauds:

  • If the tele-caller is asking for your bank account, card, or any other confidential details, do not fall for it

  • Refrain from downloading apps such as TeamViewer, Anydesk, or Screenshare on a tele-caller’s request. Always know that these apps allow fraudsters to see what you’re doing - starting from your PINs, passwords to other important details

  • Genuine representatives will never call you to do your KYC over the phone or ask you to download third-party apps

Bajaj Finserv never seeks your confidential details. However, if any imposter does ask for your sensitive information, always do a verification to ensure they are genuine. Ask them to email you and cross check it against the company’s original email address. For any such queries, visit https://www.bajajfinserv.in/reach-us

  • Do not look for Bajaj Finserv customer support numbers on Google, Twitter, FB, or any other social media platform for that matter. The only official way to reach Bajaj Finserv customer support is - https://www.bajajfinserv.in/bajaj-finserv-experia-app

  • E-KYC frauds in banks are on the rise. So, you must steer clear from calling or responding to unverified phone calls of imposters claiming to be from Bajaj Finserv customer support

Be aware and connect with care.

Savdhaan Rahein. Safe Rahein.

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