It is a form of phishing when the fraudster tries to trick someone into giving their private information via a fraudulent SMS alerts.

Since this form involves a text message / SMS / phone number over an email, it is assumed to be from a trustworthy source. It uses elements of social engineering to get you to share your personal information such as your online password, OTP, etc. by triggering you to update your KYC, redeem your Debit / Credit card reward points, etc.

• • Do not share your PIN, password, card number, CVV number, OTP etc. with any stranger, even if he/she claims to be bank employee. Bank will never ask for any vital information. 
  • Do not respond to messages from unknown source requesting personal or financial details even if it assures credit of money into your bank account. 
  • Do not click on links you get on your phone unless you know the sender. Check for authenticity of the message, even if received from a known person. 
  • Never install apps through a link sent via text messages. Any apps you install on your device should come straight from the official app store.