KYC (Know Your Customer) is a mandatory process used by financial institutions, banks, and other service providers to verify the identity of their customers. KYC Update Fraud occurs when fraudsters impersonate legitimate institutions or government agencies, claiming that the victim’s KYC details need to be updated. The goal of this scam is to steal personal information such as bank account details, identity documents, or passwords, which can later be used for illegal activities like financial theft or identity theft.