Kotak Mahindra Bank has announced that it is participating in the National Payments Corporation of India (NPCI)’s #SafetyShield Campaign to deal with the threat of UPI Frauds and launched a multi-layered campaign to create awareness so that consumers do not fall prey to UPI frauds.
According to the data from the Reserve Bank of India (RBI). India on an average saw 229 banking frauds per day in financial year 2020-21, of which less than 1 per cent amount has been recovered.
“With a rise in digital modes of payment, it is pertinent to make consumers at large not only digitalsavvy but also financially literate. Kotak Mahindra Bank proudly joins NPCI in the #SafetyShield campaign,” said Deepak Sharma, President & Chief Digital Officer, Kotak Mahindra Bank.
Safety Measures
Kotak is running its safe transaction awareness campaign across all banking channels – website, social media channels, mobile banking platform; SMS, WhatsApp, emails to customers; digital screens, posters in branches, and ATM screens, the bank said.
Deepak Sharma further added that the initiative will help India move towards a cashless society and be more careful and attentive while carrying out digital payments. In addition to this, we encourage our customers to use the Kotak Mobile Banking app, scan QR codes and make payments via UPI. Kotak Mobile Banking App is a safe and secure way to transact conveniently.
Under the UPI #SafetyShield the bank suggests people to never enter UPI PIN to receive money, always verify the receiver’s name before entering UPI PIN, scanning QR code is for making payment and not for receiving money, for your safety, set a reminder to periodically reset your UPI PIN, check your statements and check your alerts regularly, even if the value is small, avoid giving permission to screen-sharing apps since any sensitive information saved on your phone could get hacked and if there is an issue with a payment or transaction immediately connect with the bank.
