The Reserve Bank on Monday cautioned people against frauds in the name of KYC updating and advised them not to share key information like account details or passwords with unidentified persons or agencies.

In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updating.

"The usual modus operandi in such cases include receipt of unsolicited communication, such as calls, SMSs, emails and the like by the customer, urging them to share certain personal details, account/ login details/card information, PIN, OTP, and so on, or install some unauthorised/unverified application for KYC updating, using a link provided in the communication," it said.

Such communications are also reported to carry threats of account freeze, block or closure.

Once the customer shares information over call/message/unauthorised application, fraudsters get access to their account, the central bank noted.

"Members of the public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP and so on with unidentified persons or agencies," RBI said.

Also, such details should not be shared through unverified or unauthorised websites or applications. In case they receive any such requests, customers should get in touch with their bank.

The RBI further said that while the Regulated Entities (REs) are required to undertake periodic updating of KYC, this process has been simplified to a large extent.

REs have also been advised that in respect of customer accounts where periodic updating of KYC is due, no restrictions on operations of such accounts shall be imposed till December 31, 2021 for this reason alone, unless warranted under instructions of any regulator, enforcement agency or court of law.