Are You Also Seeing an Spike in Fraudulent Messages?

In light of so many scam messages riding on re-KYC, PAN update etc to dupe the customer, here is a lesson I learned while working for HDFC Bank.

I was responsible for ensuring migration of all the cards from CBoP systems to HDFC Bank systems.

After careful consideration I prepared 3 possible strategies and presented to senior management to get their approval on one of them to execute the migration.

The meeting was attended by Group Head of IT, Operations and Business teams along with representatives from both banks.

We all pushed by re-carding. It would have certainly meant significantly more efforts for operations team but they were supportive of me in pushing for this strategy.

I managed to convince almost everyone present except for one person.

While this would have meant the best outcome for the business team, Group Head Business vetoed and rejected re-carding off all CBoP customers with HDFC Bank branded new cards.

He gave a reason that stayed with me forever and I want most people making rules should know this.

He said, “whenever we do activities like this in bulk, it’s an opportunity for fraudsters.”

When customers are expecting this drive from bank side, it gets easier for fraudsters to convince customers of their frauds using this very public drive by bank/authorities.

Update PAN, Link Aadhaar, periodic re-KYC are just few examples of such public drives which make customers vulnerable to frauds. Authorities should always move with caution when proposing anything like this.

Before above conversation I was also convinced of my strategy. In fact I managed to convince everyone else and they actively supported me during the meeting but for one person.

After that I was convinced that I was wrong. We quietly chose the next best option and went ahead. Everything went smoothly.

You learn these things only through practical experiences. No classroom can prepare you for this.

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