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Tuesday 5 June 2012
By Hitesh Sindhwani, Head – Customer Service, Kotak Securities
Kotak Securities was one of the first brokerage firm to introduce security key access for its online customers. This was implemented way back in 2007 and at least 5 years before SEBI enforced the rule of two factor authentication for all broking companies.
So what is this; Security Key?
It is a small device, that produces a dynamic passwords on the press of a button. This password or number is in sync with the password mechanism in our system, thus preventing any misuse of a customer’s account.
So what is this; Security Key?
It is a small device, that produces a dynamic passwords on the press of a button. This password or number is in sync with the password mechanism in our system, thus preventing any misuse of a customer’s account.
Since its implementation, security key has been a point of debate in many customer forums. Some people have loved it, some have had reservations with it and some didn’t understand the device at all.
Over a period of time, we figured that the set of customers who didn’t accept it openly maybe didn’t understand the features of the product well, else the advantages from a device like this are hard to ignore. I hope for this write to clear misconceptions and provide a direction.
Some of the common questions asked to the customer service employees and that may benefit you are:
Q. How do I use this key
A. Using this Key is very simple, just type in the 6 digit numbers generated by this key while logging into your trading account
While logging in you have to fill 3 fields on the screen.
- User ID
- Password
- Security Key
Once you enter your user ID & password, you need to follow the process mentioned below
- Press the white button to view the 6 digit dynamic password
- Insert the set of 6 digit numbers immediately in the dynamic password field of the login page
- Every time you switch on the Key, a new set of numbers will appear
- Press the same button to switch off the Key, else the screen will automatically blank out after 50 seconds
Q. Do I need to enter my trading password after entering the 6 digit password generated by the Security Key?
A. No, once you enter your login password and the one generated by the Security Key, you can trade directly. There won't be a separate trading password for placing trade. Only at the time of activation of the Key, you will have to enter your trading password
Q. Can I use my Security Key when I am traveling abroad?
A. Yes
Q. How can I trade if I forget my Security Key?
A. If you forgot your Security Key, you have to visit our website www.kotaksecurties.com and click on link 'Forgot Security Key' and place your request for a temporary Security Key password and the same will be generated and sent to your registered mobile phone. By using this temporary password you can trade on that day.
You could place a request for a temporary password for a maximum of 3 times consequently and beyond that your request won't be processed and you would have to place request for new key through link 'Lost Security Key'. A new Key would be dispatched to you within 10 days from the date of request. There is a charge of Rs. 600/- for the new key
Q. What should be done if I lose my Security Key?
A. If you lose your Security Key, you will have to visit our website and click on link 'Lost Security Key' and place your request for a new key. A new key would be dispatched to you within 10 days from the date of request. There is a charge of Rs.600/- for this service
Q. Is the same process of activation required after the receipt of the new key?
A. Yes, you need to follow same process of activation
Q. Will my account be safe if the Security Key is stolen or reaches wrong hands?
A. If someone steals the Security Key, they still do not have your existing username and password, which only you know. Hence they cannot access your account. In case if such a thing happens you should immediately inform customer care at 1800 222 299 or 30305757. Our customer care will immediately freeze the usage of that security key
Q. I place my orders through 'Call & Trade', how do I use this key for placing 'Call & Trade' orders?
A. While placing order through 'Call & Trade' you would be verified by a personal question and post verification. You would also be asked to provide the dynamic password that is generated in your Security Key. Once the access is validated the trade would be placed on your behalf
Q. In case I do not carry the Key with me, how can I place order through 'Call & Trade'?
A. You could still trade through our 'Call & Trade' facility wherein you will have to get in touch with our call center executives and go through the verification questions for security purpose. Post verification, you would be provided with a temporary dynamic password which would be sent to you by SMS to your registered mobile number. You can use this temporary password for placing order through ‘Call & Trade’
We constantly strive to make our customers experience safe, secure and delightful. I truly hope that above answers would help clear the doubts over security key and our customers would now use the key with confidence for placing their secure trades.
Happy Trading!
Labels: servicedesk
2 comments
escalate on
7 December 2012 at 16:53 said
I was using this key for last 10 months, and things are fine. But recently it was generating numbers but not accepted by server. When I talked to customer care, they said that I have place a new key request and I have to pay Rs. 600/. But why I have to pay 600 rupees for no fault of mine. It is your server issue because of that the key goes out of synchronization. Please let me know what to do? Is this a technique to earn some cheap money?
Dear Customer,
We wish to inform that Rs.600/- is initially debited from your account basis the request received for new key. However, said charges are reversible and credited back to your account following the receipt of damaged key.
You are requested to submit the damaged key to the nearest Kotak Securities branch or courier the same on the following address:
Kotak Securities
Customer Service Department,
7th Floor, Kotak Infinity,
Building No. 21, Infinity Park,
Off Western Express Highway,
General AK Vaidya Marg,
Malad (East), Mumbai - 400097.
Post Comment
We wish to inform that Rs.600/- is initially debited from your account basis the request received for new key. However, said charges are reversible and credited back to your account following the receipt of damaged key.
You are requested to submit the damaged key to the nearest Kotak Securities branch or courier the same on the following address:
Kotak Securities
Customer Service Department,
7th Floor, Kotak Infinity,
Building No. 21, Infinity Park,
Off Western Express Highway,
General AK Vaidya Marg,
Malad (East), Mumbai - 400097.
