Outlook Money
It is a scam in which scammers pretend to be from banks or other financial organisations with the aim of getting the personal and financial information of individuals. It includes sending e-mails, and messages claiming KYC updates or verification are necessary for an account.
There are two types of KYC frauds and these include fake KYC requests and phishing attacks. These include threatening customers to share personal information regarding KYC accounts. Here, fraudsters act as bank employees.
Other types include phone impersonation and SIM swap fraud. In phone impersonation, fraudsters call customers to get unauthorised access and persuade them to install malicious programs or provide them with security codes.
1. For one to stay protected, it is important to verify the communication sources. One should always check the authenticity of the sources by calling the bank directly.
One must never click on any suspicious links and must not share any personal information, including KYC details or OTPs as banks never ask for these.
2FA adds an extra layer of security to accounts and prevents an account from getting scammed. One must also monitor accounts regularly. This protects one from any unexpected transactions.