Be alert against digital arrest scams, keep KYC updated: PM's advice to citizens in 'Mann ki Baat'

Prime Minister Narendra Modi said people should regularly update their bank passwords.

• PM Modi warns citizens about rising digital arrest scams
• KYC updates should be done only via official bank channels
• Do not share OTP, Aadhaar, or bank info with unknown callers

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Prime Minister Narendra Modi on Sunday spoke about digital arrest scams and said that despite   the awareness regarding fraud increasing significantly, people are still falling for the scam.

Addressing the nation in the 131st edition of 'Mann ki baat', PM Modi advised citizens to exercise caution when receiving messages or calls related to KYC updates. PM Modi explained how banks periodically perform re-KYC to ensure account security.

"You all must be familiar with the process of KYC - Know Your Customer. Sometimes, when you receive messages from your bank asking you to update KYC or re-KYC, the question arises in your mind - I have already done KYC, then why this? I urge you not to fret; this is just for the safety of your money," said the Prime Minister.

"We all know that nowadays everything from pension, subsidy, insurance, UPI, everything is linked to the bank account. This is why banks periodically perform re-KYC to ensure your bank account remains secure," said PM Modi.

Stating that despite him speaking at length about digital arrest in his monthly radio programme, people are still falling for it.

"...you must remember one thing: criminals make fake calls, send SMS and links. Therefore, we must remain vigilant and not fall prey to such fraudsters. KYC or re-KYC should be done only through your bank branch, official app, and authorized medium," was PM Modi's piece of advice to citizens in his monthly address.

"Do not share OTP, Aadhaar number, or bank account information with anyone. And most importantly, keep changing your password from time to time. Just as food and clothing change with each season, make it a rule to change your password every few days," advised the Prime Minister.

Harping on the importance of financial awareness, PM Modi said, "The Reserve Bank of India recently organised a Financial Literacy Week...This financial literacy campaign will now continue throughout the year. Therefore, pay heed to the Reserve Bank of India's message and keep your KYC updated."