Kotak Mahindra Bank proposes to standardize fraud reporting to RBI

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Kotak Mahindra Bank presented a normalization of fraud reports to the RBI on Tuesday, after data showed the private sector lender witnessed a large number of such cases.

Kotak Mahindra Bank’s call came days after reports citing official data said the lender reported 5,278 fraud cases in the first quarter of FY23, compared to just 9 for the world’s largest lender. country, the SBI.

The bank clarified on Tuesday that 97% of the total 5,000 fraud incidents were due to customers unwittingly compromising their credentials by clicking on unknown links, accessing their devices or willingly sharing their credentials. with unscrupulous people.

Read also| RBI mulls creation of fraud register to check bank fraud

“We believe that other banks do not appear to comprehensively or consistently report these types of frauds,” he said.

The bank said it had written to the RBI on Tuesday and also earlier on March 17, 2022 “to impose standardization of reporting requirements”.

The bank claimed to have reported fraud in accordance with regulatory requirements, including data on instances of skimming, phishing, vishing, e-commerce fraud, debit card, credit card, UPI , mobile banking, internet banking and payment gateways.

It released data whether the customers or the bank suffered losses or the fraudulent amounts were eventually recovered.

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