New Delhi, Feb 22 (NationPress) Prime Minister Narendra Modi has issued a warning to the public regarding the increasing occurrences of digital fraud and “digital arrest” scams. He emphasized the importance of being alert and adhering to proper banking protocols to protect personal finances.

During his monthly radio show, Mann Ki Baat, the Prime Minister reflected on the extensive discussions he had previously held about digital fraud, noting that while there has been an uptick in awareness, concerning incidents continue to emerge.

“In Mann Ki Baat, I have previously shared extensive insights into Digital Arrest. Following our discussions, awareness has significantly grown in society regarding Digital Arrest and Digital Fraud, yet regrettably, such incidents remain prevalent,” stated PM Modi.

He underscored the detrimental effects of these crimes, stating that unsuspecting individuals continue to be victims of online scams.

“Innocent citizens are being exploited through Digital Arrest and financial deceit. Often, we hear distressing stories of senior citizens losing their lifetime savings or parents being defrauded of funds meant for their children's education,” he remarked.

“We also see reports of business fraud. A call comes in from someone claiming to be a high-ranking official, asking for personal information. Too often, innocent individuals comply. Thus, it is crucial to stay alert and cautious,” he added.

Addressing common queries regarding the KYC (Know Your Customer) process, the Prime Minister reassured bank customers.

“You are likely familiar with the KYC process. Sometimes, banks ask you to update KYC or undergo re-KYC, leading to questions like—I've already completed KYC, why the need for this? I encourage you not to worry; this is solely for the protection of your funds,” he explained.

PM Modi emphasized the increasing link between financial services and bank accounts, stating, “Nowadays, every aspect from pensions to subsidies, insurance, and UPI is connected to your bank account. This necessitates banks to periodically perform re-KYC to ensure your account’s security. However, remember that criminals may attempt to deceive you with fake calls, SMS, and links.”

“Thus, we must be vigilant and avoid falling for these scams. KYC or re-KYC must only be performed through your bank branch, official app, or other authorized mediums,” he stated.

The Prime Minister also urged citizens to refrain from sharing sensitive information like OTPs, Aadhaar numbers, or bank account details with anyone.

He recommended regularly updating passwords. Drawing a simple analogy, he mentioned that just as people change their clothing and food with the seasons, they should cultivate the habit of changing passwords periodically.

PM Modi also noted that the Reserve Bank of India recently celebrated a Financial Literacy Week focused on such critical issues.

“This financial literacy initiative will persist throughout the year. Listen to the Reserve Bank of India's guidance and keep your KYC updated. Remember: Accurate KYC and timely re-KYC are essential for protecting your account. Become an empowered citizen, as only empowered citizens contribute to a robust and Atmanirbhar Bharat,” he concluded.