NEW DELHI: Prime Minister Narendra Modi on Sunday cautioned citizens about the alarming rise in digital fraud and “digital arrest” scams, urging them to stay vigilant and adhere to proper banking protocols to protect their finances. During his monthly radio program, Mann Ki Baat, Modi highlighted an ongoing concern regarding online fraud, exacerbated by a lack of awareness despite previous discussions.

"In Mann Ki Baat, I have spoken extensively about Digital Arrest. Although awareness has grown, incidents of fraud are still unacceptable," Modi stated. He illustrated the disturbing trend where vulnerable individuals, including senior citizens, are being victimized, often losing their life savings. “We hear stories of retired individuals losing their hard-earned money, or parents being defrauded of funds set aside for their children's education. It’s crucial to remain alert," he emphasized.

The Prime Minister also addressed common misconceptions regarding the Know Your Customer (KYC) process. “Many of you might receive messages from your bank requesting KYC updates. This process, which can seem repetitive, is vital for safeguarding your money," he explained. He pointed out that as financial services become increasingly intertwined with banking, regular KYC checks are necessary to ensure security.

Modi urged citizens to remain cautious and only update their KYC information through official channels. “Criminals often employ tactics such as fake phone calls and texts to manipulate individuals into sharing personal information,” he warned. Furthermore, he advised against sharing sensitive details like one-time passwords, Aadhaar numbers, or bank account information with anyone. Regularly updating passwords was another preventive measure he recommended, likening it to seasonal changes in clothing and food.

In closing, he highlighted the Reserve Bank of India's recent launch of a Financial Literacy Week, aimed at addressing such issues. "This campaign will continue throughout the year. Stay informed, keep your KYC updated, and remember: correct KYC and timely re-KYC keep your account safe. Empowered citizens are essential for a strong and self-reliant India," he concluded.