Although the data does not mention the nature of fraud and the quantum of amount involved in fraud cases reported by Kotak Mahindra Bank, the quantum of fraud in such a short span of time seems alarming.
The bank, on its part, said that the instances reported as frauds include phishing, vishing, skimming and other such activities and even pointed out that 97 per cent of the 5,278 cases were card-related frauds, which were caused by “customers inadvertently compromising their credibility”. ,
However, all such activities fall under the category of fraud and the fact that Kotak Mahindra Bank has reported incidents like fraud with RBI underlines it all the more clearly.
“The total number of frauds reported by Kotak Mahindra Bank in line with regulatory requirements also includes instances of skimming, phishing, vishing, e-commerce frauds, debit cards, credit cards, UPI, mobile banking, internet banking, payment gateways etc. etc., even if the loss suffered by the customers or the bank, or the fraudulent amount is eventually recovered,” said a statement issued by the bank.
It further said that out of 5,278 instances, 97 per cent were digital and card-related frauds caused by customers inadvertently clicking on unknown links, or by providing access to their devices or sharing their credentials with unscrupulous persons. Happened.
Experts say that if a customer loses money due to card-related fraud or by clicking on unknown links, it is classified as a fraudulent activity and such cases are reported to RBI by all banks, As done by Kotak Mahindra Bank. ,