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

Avoid KYC scams. Don't click on unverified links.
Same Face, Multiple Identities: Tips to Safeguard Yourself from E-KYC Fraud
4 min read
12 Apr 2023

Key TakeAways

  • 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.

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.

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.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.