Reserve Bank of India has issued some new guidelines to spread awareness on KYC frauds. KYC frauds claim one of the largest number of victims across the country, with people losing lakhs. All mobile operators including Airtel, Vodafone-Idea and Reliance Jio too have warned users against KYC fraud. RBI recently issued new dos and don’ts on banking KYC fraud.
Mumbai News: A police inspector from the Kherwadi police station lost Rs 5 lakhs after falling victim to a Know Your Customer (KYC) fraud while on duty in his offi
A report has been released by IDfy on KYC risks in lending. The report has talked about how borrowers try to fraud the lenders by providing fake employment, income tax certificates, tampering in Voter ID, Aadhaar and other officially valid documents. The report further suggests how fraudsters use loopholes in KYC process to defraud banks.
Don't Get Scammed News: KYC fraud: One very common way scamsters do this is by impersonating banking officials on call or emails and asking data from unsuspecting individuals