Active Stocks
Thu Feb 29 2024 15:49:54
  1. Kotak Mahindra Bank share price
  2. 1,690.80 0.43%
  1. Axis Bank share price
  2. 1,075.70 0.10%
  1. Tata Steel share price
  2. 140.90 0.11%
  1. Power Grid Corporation Of India share price
  2. 282.55 1.07%
  1. ITC share price
  2. 406.50 -0.51%
Business News/ News / Scam call alert: Elderly man loses life savings while updating KYC; Here's what happened

Scam call alert: Elderly man loses life savings while updating KYC; Here's what happened

Kolkata's elderly retired government official loses life savings to online scam call requesting to update KYC details.

Retired Kolkata official's life savings wiped out in online banking scam.Premium
Retired Kolkata official's life savings wiped out in online banking scam.

A case of online scam surfaced in Kolkata when an 83-year-old elderly man who had served as government official fell victim and lost his life savings amounting to 2.5 lakh. 

Also read: RBI MPC highlights: MPC to be on high alert to any signs of derailing of the ongoing disinflation process, says Das

The retired official, named SP Sinha, resided in Kolkata's Thakurpukur lost his life savings to a treacherous call deceiving to be from the bank where he held an account. The agent called Sinha and disguised as bank official stationed at “table number 3" of the same branch where Sinha held his pension account, reported Metro.

Also read: State Bank of India customers alert! Facing snags with SBI UPI? This could be the reason

The traitor asserted the intention of his call to be for verification purpose and was reaching out to verify Sinha's KYC (know your customer) details online. Sinha said, “On November 11 (the day before Diwali), I received a call in the afternoon. The man said he was calling from the bank (the branch where Sinha has his pension account)."

Also read: RBI MPC Meeting: Repo rate unchanged; growth forecast raised; 7 key highlights of December policy meeting

Sinha trusted the caller's legitimacy and agreed to follow the instructions to update his KYC as he had been visiting the same bank and the same table for his work that the caller mentioned along with his bank account details. Sinha added, "He also mentioned my account number. When I said the bank was closed that day, he said only the 'verification' section was open and that I needed to update my KYC," reported Metro.

Also read: How Indian banks are making $64 billion from a freebie

Convinced Sinha faced difficulties while processing the KYC verification process so he sought help from his 11-year-old grandson who followed instructions adeptly. When the call concluded Sinha discovered that 2,57,650 were debited from his account. Moreover, Sinha also lost access to his fixed deposits and recurring deposits. 

Also read: Sebi’s master circular on KYC norms: What does it mean for the investors?

Government or prominent institutions like banks do not initiate financial transactions over phone calls and frequently indulge in follow up messages to create awareness about not to disclose account details to anyone over call. With unsolicited increase in cyber crimes it is essential to know the steps to update KYC online. Otherwise, individuals must visit bank branch to update any information:

Steps to update KYC online are as follows

Step 1: Log in to bank's online banking portal.

Step 2: Click on the "KYC" tab.

Step 3: Click the "KYC" tab.

Step 4: Select the "Update KYC" option.

Step 5: Select the information to be updated.

Step 6: Make requisite changes, upload required documents and submit.

Step 7: To validate request, enter the OTP sent on registered mobile number.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 09 Dec 2023, 12:28 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App