Car Insurance Fraud Alert

Earlier this month, the IRDA issued a caution note to the public warning against such calls, especially those that pretend to be from the authority. “IRDA does not involve itself, directly or through any representative, in sales of any kind of insurance or financial products and does not announce any bonus for policyholders or insurers,” the notice said.

A car company representative in charge of its insurance operations in the city said that the culprits get details of vehicle owners from Regional Transport Offices. They zero in on policies nearing renewal period and call posing as vehicle company representatives. “We advise customers not to divulge details of their policies to such callers. There have even been instances of fake receipts been given,” the representative said.

“Your vehicle insurance is due on XX date. If you apply for XXX insurance instead of the existing one by this weekend, you will get 60 per cent off on your premium. This company has a tie-up with us.”

If you receive calls like this and do not cross-check with your vehicle company, you may fall prey to what even the Insurance Regulatory and Development Authority (IRDA) has claimed is an increasing number of spurious calls making “fictitious and fraudulent offers”. And they do not spare anyone — not even a former Chief Minister.

One such customer recalled how he nearly fell prey to the call. “I had even readied a cheque, but the vehicle company called me in the nick of time. The caller also did not follow up because I chose to stay with the existing policy, not the one they were offering,” he said.

The IRDA has time and again urged the public to remain alert against frauds or scams perpetrated by those who claim to be employees of the authority or other insurance companies and lodge a police complaint if they come across such calls. 

Karnataka state Joint Commissioner of Police (Crime) Hemanth Nimbalkar said that the police had not come across any such complaint so far. 

Source - The Hindu

Now a Social Media Linked Bank Account - Kotak Jifi

Kotak Mahindra Bank has launched Jifi, a fully-integrated social bank account with youth as the target segment. Jifi transcends digital banking by seamlessly incorporating social networking platforms such as Twitter and Facebook with mainstream banking, the bank said.

Jifi is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000. All balances over Rs 25,000 automatically move into term deposits at applicable interest rates. Opening a Jifi account is triggered by a self-invite by signing up through Facebook or email.

K V S Manian, president (consumer banking) at Kotak Mahindra Bank Limited, said: “Jifi is a unique digital account that integrates social media platforms like Twitter and Facebook for secure and seamless on-the-go information. With Jifi, the first-of-its-kind digital account, Kotak takes banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times.”

Jifi also has a loyalty point programme encourages high level of interactivity among account holders. In addition to transacting on social media platforms, customers can transact through net banking and the Kotak Mobile Banking app.

Jifi customers have access to all conventional bank offerings as well, which include pan-India branch and ATM network, ‘platinum’ debit card, all-India toll-free number, net card and net banking access, etc. 

The bank believes that in the next three to five years, 30-50 per cent of account openings will happen through this initiative.

“As far as the security features are concerned, if the Facebook or Twitter account of the customer is hacked, then the hacker will be at the most able to see the reward points of the customers and use those points. But they will not be able to do any transactions or check the bank balance of the customer. The customer's banking details are fully secure and cannot be seen by the hacker. For transactions, the customer has to log in to net banking,” said Deepak Sharma, executive vice-president and head-digital initiatives, at Kotak Mahindra Bank.

Jifi is currently available for resident Indians in select locations including Mumbai, Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Pune, Coimbatore, Jaipur and Lucknow. The account can be accessed from anywhere in the world.

Source - Business Standard

For more info Visit - http://www.kotakjifi.com