The advent of digitization of the Indian financial market has created new avenues of convenience and ease of banking for consumers. The pandemic in some ways had forced us to adapt Unified Payment Interface (UPI) to be our primary mode of transaction, along with credit/debit cards and other modes of digital transactions. But this futuristic move has also seen a significant surge in fraud incidents.

In a recent report by Deloitte, it has been identified that both the retail and non-retail segments of banking have been targeted. While banks and financial institutions are trying hard to educate customers about different types of fraud. It is also our responsibility to safeguard our finances from the lecherous hands of fraudsters.

Also Read: How To Get Back Money Transferred To A Wrong Account

Let us identify the various types of frauds we may face

Online or Website Fraud:

Online Phishing - In such cases, you may come across a website that looks exactly like your banks genuine website. The creator of such websites, usually circulate these website links through social media platforms, SMSs, emails. Their main objective is to extract confidential data. Once you enter your credentials, they capture the same and misuse them for financial gains.

  • Avoid any such links you may have received via an email or SMS or via social media. Always verify the website credentials before entering any personal data.

Fake search engine results - Fraudsters create fabricated customer service coordinates for banks and financial institutions and use Search Engine Optimization (SEO) to rank these coordinates higher in search results, and over other platforms. While searching for customer care numbers, we may land up on fabricated credentials and unknowingly share our details.

  • Always look up the banks/financial institutions websites for customer care details and never rely on other sources.

Online Fraud - Imposters will contact you as buyers or sellers on ecommerce portals or online stores. They will show interest in your product or offer you lucrative discounts or sales on their products. The moment you show interest, they will lure you to complete the UPI ‘request money’ option and pull money from your account.

  • Remember, you will never be asked to enter a PIN or Password to receive money. Be very careful while making online payment/purchase.

Mobile Fraud:

Vishing Calls – The imposter will call you pretending to be a bank representative. They will try and convince you to share personal information, OTP details, stating that these will be required for KYC or to avoid account/card closure.

  • Banks or its representatives will never ask for confidential information, OTP, CVV or PIN.

Juice Jacking - Is a form of cyber stealing, where once you connect your mobile to any unknown or unverified charging port, certain malware or application gets auto installed on your phone. These apps allow fraudsters to access your phone to sneak out delicate information.

  • Avoid using public/unknown charging ports.

Mobile App Fraud - You are lured to download a certain App, where you can shop or get massive discount on online shopping. Actually, they are malware which allow fraudsters to access your phone.

  • Never download promoted Apps via unknown source. Try and delete such promotional emails and SMSs to avoid clicking the link by mistake.

Other Fraud:

ATM Card Skimming -ATM machines are tampered with, and fraudsters install skimming machines in them to steal card details. Later they use the same to withdraw money from your account. In some instances, they install dummy keypads to track the PIN or spy-cam to capture data.

  • Always be vigilant and ensure there are no extra devices attached to the ATM machine. Do not operate the ATM machine in the presence of anyone. Always cover the keypad while entering the card PIN.


These are some of the many fraud acts that we may face on a daily basis. While banks and financial institutions are trying to safeguard customer transactions, we as consumers should also be vigilant and take measures to secure our money from fraud.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.