Hello Sir! I am speaking from your bank. Your KYC update is incomplete, due to this your account could get blocked and you won’t be able to make any transactions.
How many of you would respond to such calls without thinking?
Well, many of you as nobody want to get into the trouble of activating your accounts or facing inconvenience in doing online transactions.
But scammers are reaping the benefits of such urgencies that cost big to a victim falling into such a trap.
One such case is reported by a Pune-based 54-years man who lost ₹2.5 lakh in a similar scam. Get into the details of the case and learn ways of how you can protect yourself from such fraud.
The Scam in Action: A Real Case Study
A Pune-based man, working in a private company, received a call from an unknown number. The caller identified himself as a bank employee.
He further told him that his KYC (Know Your Customer) details were outdated and insisted him to update asap to experience seamless banking services.
To resolve the issue, the scammer sent a message containing an APK file (a type of Android application file) and asked him to install it.
Believing it to be a legitimate process, the victim downloaded and installed the file.
Within moments, he noticed suspicious transactions of ₹2.5 lakh from his bank account.
By the time he realized it was a fraud, the money was already gone.
How Do These Scams Work?
Fraudsters use different tactics to steal money from innocent people. Here’s how they typically operate:
- Fake Calls from “Bank Representatives”
- Scammers call random people, pretending to be bank officials, and claim their KYC update is pending.
- They create a sense of urgency by stating that the account will be blocked if the update isn’t completed.
- Sending Malicious Links or APK Files
- Scammers send links or APK files with the instruction to download.
- These files contain spyware or remote access tools that allow scammers to steal bank credentials.
- Gaining Control Over the Device
- Once installed, the malicious app grants scammers access to the victim’s phone, including OTPs, banking apps, and personal information.
- Fraudsters then initiate unauthorized transactions.
- Wiping Out Funds Before Detection
- By the time the victim notices unusual activity, large sums of money are already transferred to fraud accounts.
How to Protect Yourself from KYC Update Scams
To stay safe from such scams, follow these preventive measures:
- Never Trust Unverified Calls – Banks never ask for KYC updates over phone calls or messages. Always visit your bank branch or official website for updates.
- Avoid Downloading APK Files – Do not download any file sent by an unknown number. Legitimate banking apps are only available on Google Play Store or Apple App Store.
- Verify Before Taking Action – If you receive a KYC-related call, contact your bank’s official customer service to verify the claim.
- Do Not Share Banking Credentials – Never share your OTP, PIN, passwords, or UPI details with anyone over the phone.
- Report Suspicious Activity Immediately – If you suspect fraud, call your bank immediately to freeze transactions.
To protect your finances, be ready always by knowing the steps of how to report online frauds in India to take immediate action.
Conclusion
KYC update scams are becoming increasingly common, and fraudsters are using sophisticated techniques to deceive people.
Awareness is the best defense—always be cautious, verify any suspicious requests, and educate others to prevent financial losses.
