How to prevent the misuse of
KYC documents?
Know your customer (KYC) policy is a mandatory, regulatory and legal requirement which enables identification & verification of a customer's important personal details by financial institutions & other entities.
KYC procedures enable banks to know/understand their customers and their financial dealings better, which help them manage their risks prudently.
Documents for KYC that can be accepted as identity or address proof:
It is to avoid identity theft, misuse of people’s bank accounts, money laundering etc. & to understand a customer better & manage risks prudently.
What can you do to avoid the misuse of KYC?
Write date and purpose
It is very important to write the date and purpose, on any documents you submit. Sign in as –Signature, Date, Submitted for, and not to be used for any other purpose.
Manage key details in your mobile
When you change your mobile ensure that any document copies, passwords and other details saved in the mobile are deleted. Mobile should be restored to factory settings.
Do not share details
Never share your DOB (Date of Birth) along with the name and the mobile number to participate in any lucky draw or contest. DOB is the most important information for identity theft.
Safe social media use
Never share any ID/Address proof copies on social media websites.
Document safety
Always keep your documents in a safe place andif your documents are lost, file a police complaint.
Handover Documents only to Designated Executive:
Handover any documents only to authorized bank executive/ specific official and insist on acknowledgement.