With rapid development in technology, cases of cyber fraud have been on the rise for a while now. Instances of people being duped online are being registered every hour in India. Recently, Bollywood Actor Aftab Shivdasani was allegedly duped of Rs. 1.49 lakhs under what can be termed as a KYC fraud. Mumbai Police has registered a case of cyber fraud after a Bollywood actor lost money post receiving a text message in which he was asked to update his Know Your Customer details linked to a leading private sector bank.
What is the Entire Matter?
Aftab Shivdasani mentioned in his police complaint an alleged message from the bank in which he was asked to update his PAN card. A warning was also issued that his account would be suspended if he did not update his KYC immediately. On clicking the link of the message, a fake page of the bank opened. He followed the instructions on the page.
At that time, the cyber fraudster called Aftab from an unknown number and asked him to enter his mobile number and PIN. As soon as he entered the PIN, Rs. 1,49,999 was debited from his bank account. This is a common tactic by scammers that involves impersonating bank individuals into sharing KYC details under the guise of urgency.
When he realized he had been duped, the actor contacted the branch manager of the bank and lodged a complaint with the local police.
The incident took place on Sunday and the complaint was taken up the next day, an official of the Bandra Police Station confirmed. The case was registered against an unknown person under Section 420 (cheating) of the Indian Penal Code and sections of the Information Technology (IT) Act. Investigation is underway.
Recently, actor Jackie Shroff’s wife and film producer Ayesha Shroff filed a cheating case too after being duped of Rs. 58 lakhs.
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Staying Safe from KYC Scams
To understand how one can safeguard oneself from such KYC scams, first, we need to understand the types of KYC scams that happen.
- Fake re-KYC– Scammers pretend to be banking people and compel customers to share their details to update KYC or face the threat of account suspension.
- Vishing– Fraudsters harvest useful information from social media networks of individuals, then initiate a fake call pretending to represent a bank and ask the consumer to give KYC information. They ask the consumer to install a malicious app and share an OTP leading to duping.
- Smishing- Victims receive SMS messages instructing them to call a specific number to update their KYC, a tactic known as smishing.
- Phishing- Scammers collect customer contact information from sources like social media and pose as bank officials, sending an SMS with a link to a fraud app or site. Code or OTP is shared by the victim leading to a scam.
- Identity Theft- Using your personal information to commit crimes, can lead to significant financial loss and damage to your credit score.
Ways to prevent KYC fraud
- Always remember that banks never ask for information like CVV, OTP, or ATM PIN via calls, messages, etc. Verify the legitimacy of requests asking for such details. Most of the time, these will be scamsters.
- If you get a message asking for personal information, contact the bank immediately to confirm the authenticity of the message.
- Sometimes scammers might pose as friends or family in an emergency and ask for money, always cross-check before transferring any money. Call the person and ask him/her directly if he/she needs money.
- Never open unknown attachments in SMS, emails, etc as they might have malicious software links.
- Don’t install apps from random links. Always use the official app store and use official banking apps for transactions and KYC purposes.
- Enable 2-factor Authentication wherever possible so that your data is protected under an additional layer of security.
- Be aware of the common scams happening in current times so that you can detect if a scam happens to you.
- Keep a check on your accounts so that you can block or inform the bank if you see suspicious activity.
What to do if someone gets scammed?
- Notify the bank immediately about the fraud. Do it as soon as possible as the sooner you notify, the lesser loss you will face.
- Report the incident to the local police station and give them all the evidence that you have. These can include screenshots, call details, and emails. Provide this evidence to the bank too if they need it.
- Stay vigilant, aware, and promptly active. If you are informed, you can play a crucial role in getting justice.
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