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KYC Frauds Take Internet Banking And UPI Payments By Storm
The cyber police has been warning people not to fall prey to any text messages that redirect to a link or a google form
K
Kevin Dausi
Hyderabad
Thu Oct 07 2021
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KYC Frauds Take Internet Banking And UPI Payments By Storm
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Internet banking and payment gateway frauds are touching new heights every day. Almost every method involved in adding money to making a payment seems to be witnessing flaws as cyber crooks have made use of these flaws and turned in thousands and lakhs rupees from people.


 While this year has seen a wide range of tricks that are being used by crooks, the latest and the simplest of them all has been the method of acquiring all personal information in tune with KYC (Know Your Customer). KYC has been a vital verification process done by various payment and bank applications to understand the end-users details to be accurate. However, this process is flawed as cyber crooks send account holders text messages and make phone calls to update their KYC details. 


Out of 140 cases that have been booked in the city regarding KYC frauds, more than 130 of them have not paid attention to the warning in the apps that clear out the fact that none of the banks and payment applications call or send a text message with links to update KYC. Instead, one can only find a notification to update KYC only on the application. But falling prey to the fraudsters who send links and ask people to download applications like any desk and use a sly way to access their mobile or laptops. 


In the tune of verification, they ask the user to send a minimal denomination from Rs.1 to Rs.10, and once they get access, they siphon off all the money. Bitly and ngrok links and fake Google forms have been the top methods used by hackers to trick people into entering confidential banking information. 


Cyber Police has warned people not to fall prey to such messages and urged them to understand that such notifications will only pop up on the application if needed. Any other notification on any platform is completely fake and can lead to loss of money and make it harder to get it back.


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KYC Frauds Take Internet Banking And UPI Payments By Storm
KYC Frauds Take Internet Banking And UPI Payments By Storm
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KYC Frauds Take Internet Banking And UPI Payments By Storm
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