A 5-second check can save you from UPI fraud ❌

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What happened to Rahul's money?

Dear Anita,

While digital payments have made life extremely convenient, they've also opened the doors to new kinds of frauds. We want to share one such incident of UPI fraud with you.

Rahul, an internet savvy 32-year-old, listed his coffee table for sale on an ecommerce site.

He received a call from a potential buyer named Naman and finalised the sale of the table with him.

Naman shared a QR code with Rahul and asked him to scan the code and enter his PIN to receive the payment.

On scanning and entering the PIN, money was instantly DEBITED from Rahul's account and credited to Naman's account. Unknowingly, Rahul approved a collect money request and ended up losing Rs. 20,000 to a fraudster.

While such scams exists, it's important to remember that by following a few simple rules you can continue to enjoy convenient digital transactions while protecting yourself from scams:

Always remember, when you are receiving money, you don't need to enter your PIN, scan a QR code or enter any OTPs. Also make sure to read the UPI request carefully before accepting/declining the request.

Be alert and verify transaction details like amount, UPI ID before completing the transaction or while making a UPI payment during a call.

If you're ever in doubt, please visit www.kotak.com for the bank's contact details or visit the nearest Kotak Bank branch.

Your Bank Account security is in your hands.

Do not share your confidential account information such as ATM PIN, CVV, Debit card/Credit Card number, OTP, mobile Banking PIN, UPI PIN with anybody. Also, do not save this information on any website when prompted & do not authorise any Mobile Banking/Net Banking or UPI transaction over a phone call. Your Bank will never ask for such sensitive information.