To avoid cybercrimes, never respond to threat or get lured by offers Kotak Mahindra Bank

With cybercrimes on the rise, most banks have become cautious and are educating customers for safe banking habits. With October being observed as National Cyber Security Awareness Month, Kotak Mahindra Bank Ltd (KMBL) and Mumbai Police Cyber Crime joined hands to raise awareness about safe banking habits and to safeguard the public at large from falling victim to cybercrime. Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank in an exclusive interview with Bizz Buzz shares some valuable tips to avoid cybercrimes while banking

Which kind of frauds are happening on the banking front?

Operators typically use one of two use cases to defraud customers - one use case is around a threat and the second is around an offer or allurement. The hoax messages keep shifting from allurement to threat and vice versa. They target unsuspecting people by either creating panic for example your KYC is expiring and your account will be blocked or they will tempt a customer with an offer – concerting reward points to cash for instance. At such times, it is important to be extra cautious and think twice before sharing any information or clicking on a link. Banks do not ask for such information or send such messages and by following some simple rules, we can safeguard our confidential financial information and enjoy a safe and secure banking experience.

Please share safe banking tips so that bank customers don't fall prey to cyber-crime in future.

My advice to all the bank customers will be that please do not share sensitive banking information such as passwords, card details, CVV, OTP, ATM PIN, UPI PIN, Mobile Banking PIN, Net Banking password or any such information with anybody. Kotak will never ask for this information.

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.

You may receive an SMS/call to convert reward points, increase credit limit, get a cashback or a loan at 0 per cent interest and the fraudster will then ask for card/bank details to process the same. Do not share any details, else the fraudster can get access to your account and make unauthorised transactions.

What are the other things a bank customer must keep in mind?

Develop a healthy suspicion for email IDs you have not seen before. Refrain from downloading screen sharing apps, which will enable the fraudster to take control of your device, view confidential banking details and access your account and funds without your knowledge. To receive money via UPI, one does not need to scan a QR code or enter a PIN or OTP.

Activate SMS and Email alerts to get instant updates on banking transactions. Read transaction-related messages and pop-ups closely. Always keep your contact details updated with the bank. Always visit the bank's official website for the bank's contact details. Similarly, when searching online for contact numbers of e-commerce or any service providers, visit the official company website for contact details. Keep your laptop/ mobile devices safe by regularly updating the software released by the system manufacturer. Install reputed antivirus software to protect your system from malicious software. Be wary of SIM cloning – if your SIM card becomes non-operational or gets deactivated suddenly, immediately contact your telecom service provider.

Why has Kotak Mahindra Bank joined hands with the Mumbai Police?

Kotak Mahindra Bank and Mumbai Police Cyber Crime have joined hands to raise awareness about safe banking habits and to safeguard the public at large from falling victim to cyber-crime. The Mumbai Police and Kotak Bank have released two videos in public interest on the #SafeBanking initiative. The films caution people to be alert and observe some basic precautions for a secure banking experience.

The aim of the campaign is to raise awareness and educate customers about safe banking habits; about the checks and balances that they must keep in mind when they are transacting online. We have been taking a lot of such initiatives, especially during the pandemic, with an increase in communication to customers so that they do not fall prey to fraudsters.

What kind of measures have been taken by your bank to avoid or help customers to avoid and not fall prey to such kinds of frauds?

We do regular communication to our entire customer base through emails and text messages – the aim is to raise awareness as well as educate customers on safe banking habits. Not to share confidential financial information or click on links from unknown sources. To refrain from downloading screen sharing apps which will enable the fraudster to take control of one's device. Or to make customers understand that to receive money via UPI, one does not need to scan a QR code or enter a PIN or OTP. These are simple safe banking tips that we must all follow.

What prompted you to tie up with Mumbai Police for cyber security?

It is not something out of routine and these initiatives are on the subject of safe banking. We have taken lot of initiative especially through the duration of pandemic like many other participants in the industry, we have increased our communication and we have a drive for creating awareness because more and more transition of the customers behaviour transaction behaviour to digital from physical, it was pretty, you know, warranted that we keep educating the consumer about the inherent check in control what they need to keep in mind when they do the engagement and on the other side, we also have you know, conversations going with the cybercrime interfaces at different state government level because every time there is also a directive from the Reserve Bank of India (RBI) on how unauthorized connections to electronic channels need to be addressed and the cybercrime plays an important role in the investigation and of any electronic transaction which is reported as unauthorised.

We were in close conversations to them. We shared information with them on the trends as at an aggregated level they will get a much superior view in terms of if there are any cartels operating how do they need to handle cartels etc. On our side, it allows us to connect with our franchisees and keep giving them sound bites and making them more alert so that they should do not fall prey to any kind of frauds or any operators.