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Kotak Mahindra Bank advises customers to adopt safe banking practices on rising cases of online frauds in Gujarat

Country First by Country First
August 7, 2020
in Business, Finance/Money
Reading Time: 3 mins read
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Surat : With the rising number of cyber fraud related cases in several parts of Rajasthan in the past few months, Kotak Mahindra Bank Ltd (KMBL) has advised its customers to be vigilant and follow some basic precautions for a safe banking experience.

With the increase in online transactions during the COVID-19 pandemic, the banking & financial services industry has witnessed a sharp rise in cyber-related crimes. The majority of these frauds are camouflaged as a request for KYC and Re-KYC updation.

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Pretending to be representatives of the bank, fraudsters target unsuspecting people and send suspicious messages/links from unknown IDs or mobile numbers asking them to complete/update their Know Your Customer (KYC), failing which their account would be blocked. The message asks the customer to either call on a particular number provided or to click on the link. By clicking on the link or sharing/entering confidential information, the fraudsters can instantly gain access to the account and customers can lose their hard-earned money to the fraudsters. Fraudsters also create a page or website that looks very similar to the official webpage of the bank and hence, it is difficult to distinguish between the two.

In addition to KYC-related frauds, customers should also beware of other types of frauds such as EMI Moratorium and UPI-related frauds.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “Banking from home is extremely convenient with a range of online tools available at a customer’s fingertips to complete a variety of transactions easily and securely from the comfort of one’s home. However, there has been a sharp rise in online frauds by cyber criminals. We want our customers to be alert & vigilant and observe some basic precautions to ensure that they have a safe & secure banking experience.” 

Safe Banking Tips:

  1. Do not share sensitive banking information such as CRN, passwords, card details, CVV, OTP, ATM PIN, UPI PIN, Mobile Banking PIN, or any such information with anybody. Kotak will never ask for this information
  2. Only click on links from trusted sources. If you receive an email or text message from an unknown sender asking you to click on a suspicious link, beware and ignore the message altogether. Never respond to a threat or get lured by offers of windfall gains. Banks do not send such messages.
  3. Develop a healthy suspicion for email IDs you have not seen before.
  4. Refrain from downloading screen sharing apps such as AnyDesk, TeamVieweretc, which will enable the fraudster to take control of your device, view confidential banking details and access your account and funds without your knowledge.
  5. To receive money via UPI, one does not need to scan a QR code or enter a PIN or OTP.
  6. Activate SMS and Email alerts to get instant updates on banking transactions. Read transaction-related messages and pop-ups closely.
  7. Always keep your contact details updated with the bank
  8. Always visit the bank’s official website – www.kotak.com – for the bank’s contact details.
  9. Similarly, when searching online for contact numbers of e-commerce or any service providers, visit the official company website for contact details.
  10. Keep your laptop/ mobile devices safe by regularly updating the software released by the system manufacturer.
  11. Install reputed antivirus software to protect your system from malicious software.
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