KYC

The State Bank of India (SBI) has alerted its customers about the rising cases of KYC (Know Your Customer) fraud. We explain how this scam works and what you can do to keep your money safe.

On Feb 28, the government had passed an ordinance to allow voluntary use of Aadhaar for KYC, providing a breather for the banking and telecom sector. This move is a follow-up to the announcement.

To protect consumers from fraudulent transactions, the Reserve Bank of India has mandated that mobile wallet users will be provided with the same safety as given to regular credit or debit card users.

Large sections of the society have come out and spoken about the dangers that such a mass collection of highly sensitive and personal data without proper security measures, access policies and accountability, could lead to.