The government, among all other measures to bring relief to the common man due to coronavirus lockdown-induced problems, announced an EMI moratorium of three months – providing a major assistance to borrowers who have been hit hard during the COVID19 crisis. While the move has been welcomed by all, fraudsters are using it as an opportunity to deceive bank customers and loot their money. Kotak Mahindra Bank has recently informed its customers about such practices and has asked them to be more vigilant about it. 

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“The industry is seeing an increase in bank-related frauds, especially related to EMI Moratorium, KYC Updation and UPI, and Kotak Mahindra Bank (Kotak) is actively and regularly reaching out to its customers to be vigilant and observe some basic precautions to ensure a safe banking experience,” the bank said in a statement.

If you are one those who received a call from bank’s representative about an EMI relief, don’t be fooled. It could be an impersonator. The bank has penned down a few safe banking tips that you must follow to avoid trouble – 

  1. Do not share sensitive banking information such as passwords, OTP, ATM PIN, bank account number, card details or any such information with anybody. Kotak will never ask you for this information.
  2. Be on the lookout for EMI Moratorium Frauds – a new avenue for fraudsters to try and cheat people. Fraudsters, pretending to be representatives of the bank, are resorting to asking customers for confidential banking details such as their password, PIN, OTP etc under the pretence of deferring their EMI payments. Never share such sensitive information with anyone. Kotak will never ask its customers for such information.
  3. Beware of KYC and Re-KYC-related fraud and do not click on suspicious links from unknown IDs or any mobile number asking you to complete your KYC or Re-KYC. For bank’s contact details, visit www.kotak.com.
  4. To receive money via UPI, one does not need to scan a QR code or enter a PIN or OTP.
  5. Refrain from downloading screen sharing apps such as AnyDesk, TeamViewer etc, which will enable the fraudster to take control of your device, view confidential banking details and access your account and funds without your knowledge.
  6. Activate SMS and Email alerts to get instant updates on banking transactions. 
  7. Always visit the bank’s official website – www.kotak.com – for the bank’s contact details. In addition, be alert when searching online for contact numbers of e-commerce or any service providers. Fraudsters update their numbers on such search websites and when a person calls them, they ask for confidential bank account details with a promise of cashback or refunds. Visit the company website for contact details.

Stay Alert, Stay Safe.