With the rapid advancement of technology, cases of cyber fraud have been on the rise for some time now. Cases of people being cheated online are recorded every hour in India. Recently, Bollywood actor Aftab Shivdasani was allegedly cheated of Rs. 1.49 lakhs in what can be termed as KYC fraud. Mumbai Police registered a case of cyber fraud after a Bollywood actor lost money after receiving a text message asking him to update his Know Your Customer details linked to a major bank in the private sector.
What is it all about?
Aftab Shivdasani in his police complaint mentioned 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. By clicking on the link in the message, a fake bank page opened. He followed the instructions on the page.
At that time, the cyber crook 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 of scammers to pose as banking people to share KYC information under the guise of an emergency.
When he realized he had been deceived, the actor contacted the bank branch manager and filed a complaint with the local police.
The incident took place on Sunday and the complaint was heard 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. An investigation is underway.
Recently, actor Jackie Shroff’s wife and film producer Ayesha Shroff also filed a cheating case after she was cheated of Rs. 58 million.
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Protect yourself from KYC scams
To understand how to protect ourselves against such KYC scams, we must first understand the types of KYC scams that occur.
- Fake re-KYC– Fraudsters pose as bankers and force customers to share their details to update their KYC under penalty of account suspension.
- Vishing– Fraudsters harvest useful information from individuals’ social networks, then make a fake call pretending to represent a bank and ask the consumer to provide KYC information. They ask the consumer to install a malicious application and share an OTP leading to duplication.
- Smishing- Victims receive text messages asking them to call a specific number to update their KYC, a tactic known as smishing.
- Phishing- Fraudsters collect customer details from sources such as social media and pose as bank officials, sending an SMS containing a link to a fraudulent app or site. The code or OTP is shared by the victim which leads to a scam.
- Identity theft- Using your personal information to commit crimes can cause significant financial losses and harm your credit score.
Ways to Prevent KYC Fraud
- Always remember that banks never ask for information like CVV, OTP or ATM PIN through calls, messages etc.
- If you receive a message requesting personal information, contact the bank immediately to confirm the authenticity of the message.
- Sometimes scammers can pose as friends or family members in an emergency and ask for money. Always check before transferring money. Call the person and ask them directly if they need money.
- Never open unknown attachments in SMS, emails, etc. as they might contain malware links.
- Don’t install apps from random links. Always use the official app store and use official banking apps for transactions and KYC purposes.
What to do if someone gets scammed?
- Inform the bank of the fraud immediately. Do this as soon as possible, because the sooner you notify, the less loss you will incur.
- Report the incident to the local police station and give them any evidence you have. These may include screenshots, call details and emails. Also provide this proof to the bank if they need it.
- Stay alert, aware and quickly active. If you are informed, you can play a crucial role in achieving justice.
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