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Things You Must Do to Keep Your Account Safe from KYC Fraud

  • Highlights

  • KYC frauds are carried out by impostors pretending to be bank employees

  • Classic give away of a KYC scam is time-bound action from your end and a threat of account suspension if it is not performed

  • Educating yourself about KYC is the first step towards its prevention 

  • If anything appears suspicious, call your financial provider directly to clarify

KYC stands for Know Your Customer. It is the process by which a financial institution authenticates their customer's identity and weigh the risks of doing business with them. With digital transactions on the rise, the need for KYC became all the more important; and scammers used it as yet another opportunity to dupe unsuspecting people.

The Scam

Ever received a message that looks like this:

KYC Scam

Modus operandi

The fraudsters impersonate employees of legitimate financial companies and send out messages to their customers to update KYC. These messages have two things in common – a threat of service discontinuation or account suspension and urgent action required from the customer's end. The message will typically have a bogus link to click on or a number where one is supposed to call back to carry out the required action. Texts like these stress the customer, and they get conned into sharing confidential data such as CVV, OTP, or the PIN. 

Giveaways of the KYC fraud in the above example

  1. Incorrectly framed sentences

  2. A different domain name, but resembling the actual https://www.bajajfinserv.in/

  3. Salutation is generic – Dear customer

  4. Intimidating tone – card has already been suspended

  5. Urgent action required from the receiver's end


Tips to keep your account safe from the unpopular KYC scam 

  • Know that Bajaj Finserv, other NBFCs, and banks do not update KYC through links sent via text or WhatsApp

  • Do not click on unverified links and do not call back random numbers

  • Call the customer care number mentioned on your financial provider's website to confirm if KYC update is actually pending from your end

  • Do not get unsettled by threats such as account suspension; no real company will send you such overwhelming texts

  • Do not share personal information such as CVV, OTP, PIN, card expiry date, or answers to your security questions – not even your bank

  • Never download a third-party app such as AnyDesk as that is not needed to update KYC

KYC Scam

Savdhaan Rahein. Safe Rahein.

Read more:
• Cautionary Note - https://www.bajajfinserv.in/cautionary-notice-new.pdf
• Infosec Page - https://www.bajajfinserv.in/infosec-pages
• Fraud Awareness Blog - https://www.bajajfinserv.in/insights/fraud-awareness

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