This is quite rare but can certainly happen. Do you live in a humid region or near the ocean? Do you keep any acids or oxidizers in your shop like black max? I keep mine outside.
The punches are a high carbon tool steel so they are more prone to rust but should not be rusting at the degree you’re describing. I have found this product to be most effective and is not a petroleum based product, which I have health issues with:
I also have used this before, more for firearms though:
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