In KYC scam, scammers use unsolicited communications (calls/SMS/emails) to manipulate individuals into revealing important personal information, including account/login details or make them install unauthorised apps.
Tactics include creating false urgency, threatening account freezing, blocking, or closure to coerce compliance. When personal details are shared, fraudsters gain unauthorised access to accounts, leading to fraudulent activities.
RBI has also issued a list of dos and don’ts for users to protect themselves from falling prey to malicious practices.
