This is how you can protect your e-wallet from new wave of KYC frauds

Since RBI has made KYC mandatory, many fraudsters use this as entry point

Financial frauds are not new. They are a hydra-headed problem — cut one off, more spring in their place. For instance, a 73-year-old Paytm customer from Mumbai lost Rs 1.7 lakh recently via know-your-customer (KYC) fraud.

Mandar Aagashe, founder, Sarvatra Technologies, a banking technology solutions provider, says, “Fraudsters are glib talkers. And senior citizens are the most vulnerable.”

The latest type of fraud to hit e-wallets is the KYC fraud.

Modus operandi: The Reserve Bank of India has made KYC mandatory for mobile wallet users. Scammers have used KYC as an entry point. Usually, the victim gets a text message