RBI cautions against fraud, warns against sharing OTP and KYC details

The Reserve Bank of India (RBI) on Thursday cautioned the public against fraudulent activities happening in its name while also asking people to not share their account login details, OTP, or KYC documents with unidentified persons.

In a press release, the central bank said that it has come to its notice that unscrupulous elements were using various methods to defraud people by using the name of RBI in some capacity.

The RBI also detailed various modus operandi used by fraudsters. According to the central bank, fraudsters use fake letter heads and fake email addresses of the RBI, impersonating as employees of the central bank, and lure people with fictitious offers such as lottery winnings, fund transfers, foreign remittance, and government schemes.

The victims who are targeted, are made to part with money in the form of currency processing fee, transfer/remittance/procedure charges.

Another tactic that has come to our notice is of small/medium businesses being approached by fraudsters posing as government/RBI officials and made to pay a "security deposit" under the garb of a government contract or scheme, with the promise of attractive payments.

Fraudsters also use intimidating tactics wherein people are contacted over IVR calls, SMS, and emails.

They also impersonate themselves as RBI officials and threaten to freeze/block/deactivate bank accounts of recipients and convince or coerce them to share certain personal details or install some unauthorised/unverified application using a link provided in the communication.

RBI also said that it has come across some websites and apps of entities such as unauthorised digital lending apps and other supposed financial services providers.

The central bank said that it does not maintain any account in the name of individuals, companies, or trusts in India to hold funds for disbursal. It also does not open accounts for individuals or ask them to deposit money in those accounts.

Also, the RBI said that it does not send emails intimating award of lottery funds or any SMS, letter, or email to communicate fictitious offers of lottery winnings or funds received from abroad.

“Beware of calls, emails, and any other communication by cybercriminals posing as officials from government agencies/RBI, asking for transfer of money under the pretext of any enticing offer or alarming issue,” the RBI said.

“Do not share account login details, personal information, copies of KYC documents, card information, PIN, password, and OTP with unidentified persons or agencies,” it said.

Public should also not share such details through unverified/unauthorised websites or applications. In case one receives any such requests, he or she is requested to get in touch with their bank/branch, the RBI said.

The apex bank also advised the public to report suspicious communications to law enforcement agencies.