SBI cautions against fake calls, messages requesting KYC verification (2024)

FAQs

SBI cautions against fake calls, messages requesting KYC verification? ›

KYC means Know Your Customer. It is an important step followed by banks to make sure that their customers are genuine. Which means it's not right to do verification through phone, text or email. So, if you get a call or message asking for KYC verification then remember it is a fraudulent call.

In a post on X, formerly known as Twitter, the bank said that fraudsters are sending fake SMS to update KYC, redeem rewards points etc. “Fraudsters will bowl you with fake SMS to update KYC, redeem rewards points etc. Don't get bowled out. Stay alert and stay safe,” reads the post.

Mandatory documents like Aadhaar card or Passport are required for different account types. Updating KYC helps prevent account freezing and comply with RBI regulations.

Unfortunately, some of you may have also encountered KYC frauds through calls, where scammers, posing as bank officials request for KYC updates and issue threats, such as blocking your account unless you comply.

The updation of KYC has various information. In SBI, customer do get msg for updation of KYC information. The information pertaining to a customer is store in his CIF number. So whenever any information pertaining to CIF(Customer Information) is modified, updated, customer get msg on registered mobile number.

KYC maintains the integrity of global markets and institutions and enables businesses and consumers to engage in transactions safely and securely.

You can check your CKYC number and status online by visiting the SBI Card Website / Mobile App. Login to your SBI Card Online Account and follow the steps below: Go to My Profile and click on 'CKYC Details.

Also, in case the document validity is expired, the banks need to get the updated KYC documents from the customers. Re-KYC is mandatory for minor accounts who have turned major. In this case, a fresh photo of the accountholder who has attained majority is required.

KYC verification is crucial for mitigating financial risks, preventing fraud, ensuring regulatory compliance, and safeguarding against money laundering and terrorist financing activities.

According to the RBI Master Circular on KYC, “periodic updation shall be carried out at least once in every two years for high-risk customers, once in every eight years for medium-risk customers and once in every ten years for low-risk customers from the date of opening of the account / last KYC updation.

How to identify fake KYC? ›

KYC fraud detection: how it works

Technology plays a pivotal role in KYC fraud detection. Tools such as artificial intelligence and machine learning algorithms analyze extensive amounts of data to recognize patterns indicative of fraudulent behavior.

KYC means Know Your Customer. It is an important step followed by banks to make sure that their customers are genuine. Which means it's not right to do verification through phone, text or email. So, if you get a call or message asking for KYC verification then remember it is a fraudulent call.

If you don't update your Know Your Customer (KYC) details when you migrate to a new bank, your account may be frozen or closed. It is important to ensure that the information on file with the bank is up-to-date and accurate in order to comply with regulatory requirements and prevent potential fraud.

Even though the risk is pretty high, video KYC is considered to be a safe kind of Know Your Customer process as video-based identity verification solutions come with a promise of safety and prevent fraud. It has emerged as a game changer in the truest sense as it has simplified and expedited the KYC process.

Once you have submitted the KYC documents to the bank branch, the bank will take some time to verify the details. However, there is no time limit for the same. In case you don't get a response within a few days, you can mail them and ask for an update.

Visit any Mutual Fund's or Registrar & Transfer Agent's (RTA) Website where you have an investment. Check for “KYC Status” link, if available. Else, visit www.cvlkra.com and click on KYC Inquiry.

For instance, when you open a bank account or apply for various loans such as Personal Loan, Business Loan or any other applicable loans, you need to complete KYC compliance. KYC helps financial institutions identify any risks associated with potential customers.

KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. In other words, banks must ensure that their clients are genuinely who they claim to be.

KYC scam detection involves being vigilant about unsolicited communication from unknown sources, claiming to represent financial institutions. It's important to remember that genuine banking entities will never ask for sensitive information like account details or passwords over the phone or via email.

Only Aadhaar details & PAN(Physical) required. Customer will be able to transfer funds using NEFT, IMPS, UPI etc. through YONO app or Online SBI i.e. Internet Banking.