The RBI has cautioned the public against ongoing frauds perpetuated under the guise of know your customer (KYC) updating.

The central bank said that anyone who has fallen victim to frauds should immediately complain through the cybercrime helpline (1930) or on the national cybercrime reporting portal (www.cybercrime.gov.in) RBI has also issued a list of do's and don'ts. This is the second time the central bank has issued such a warning. in 2021 RBI issued a note following a surge in online KYC frauds during the covid lockdown, where customers were duped into revealing their banking credentials for KYC purposes to the fraudsters by responding to their baits.

During the pandemic fraudsters saw an opportunity after many banks issued notices warning customers that they may not get to use their account after the deadline of December 21. RBI subsequently eased the deadline as well as the KYC process.

In KYC frauds scammers often use unsolicited communication like calls, text or emails to trick customers into sharing personal details, account/login information, card details, PIN or OTP RBI said.

Fraudsters also ask customers to install unauthorized /unverified apps for KYC updates using a link in the message. These messages might threaten to freeze, block or close the account. if the customer shares information through these methods, fraudsters can access the customer's account and carry out fraudulent activities. "Such communication often employ tactics of creating a false urgency and threatening account freezing/blocking/closure if the customer fails to comply." RBI said.