KYC fraud: What is it and how you can protect yourself from it, step-by-step guide

In the digitalised world, knowing personal details of customers has become an important part of their identification process. KYC or ‘knowing your customer,’ plays an important role in verifying the authenticity of users. This also helps to avoid fraud and other illegal activities.

However, if these details get into the wrong hands, then this might cause you trouble. Leakage of personal information to illegal communities can land you in scams. For example it can help fraudsters to execute identity theft. This can also result in tampering with your personal details.