KYC Scam: Here’s All You Need To Know About It
Now that financial scams are on the rise with the breakthroughs in technology, you need to extra vigilant with what has been told to you as a banking customer. And now a new kind of fraud has unfolded by which miscreants rob one of one’s wealth by posing to be a banking personnel and then putting up the query that his or her KYC details need to be validated.
And for it fraudsters are lending their helping hand and during the process they gain access to the victim’s mobile phone and then hack the bank account of the concerned.
In the past several such incidences have been reported and for the KYC updation or validation, fraudsters are even pushing the victims to download some mobile app.
Here’s detail on the KYC scam
Typically these are done via mobile phones and the caller says that your bank or e-wallet KYC needs to be validated.
And then to lure you into the possibility of getting your inactive account activated, he says that the process can be done online
To provide you with step by step guidance then the victim is asked to download a mobile app
And as and when use the app, the hacker gets access to your mobile phone screen
He then ask you to transfer some money as a trial to your bank account or wallet which thus makes him to view confidential information such as CVV, password etc.
And even the OTP is needed to confirm any transaction, the scamster has access to even such information and within a span of time he hacks your bank account.
So, in future beware of such calls where you are taken to KYC updation and validation and do not yield into the false demands of such callers and download apps as asked by them.