Updated: March 25, 2021

SBI Shares 3 Kinds Of Banking Frauds On The Rise And Precautions

Written by Sumit Pandey
SBI Shares 3 Kinds Of Banking Frauds On The Rise And Precautions

On 23rd March 2021, SBI shared the following information through email to all SBI customers. The email describes 3 types of frauds and how to handle if you find yourself on the receiving end. Here's the email copy, provided as-is:

Dear Customer,

Be careful of attempts of online cheating and forgery. Please find below some of the typical cheating cases / attempts and the suggested measures to avoid falling prey to fraudsters:

Case-1.  A person received a phone call from a stranger posing himself as Govt Medical staff asking for advance booking of Covid-19 Vaccine on Govt rates. The stranger asked the customer to open the Link sent to him on his mobile via text message and fill up the information relating to his Name, Date of Birth, Bank account details and provide the OTP sent to his mobile for Verification.

Correct choice should be as under:
One should not open the link and should not share any information about bank account and OTP / PIN etc. One should immediately disconnect the phone call and remove the link. No Medical Staff from Govt. is supposed to call citizens for advance booking of Covid-19 Vaccine.

Case-2. A customer of a Bank received a phone call from a stranger for updating KYC details in bank account immediately. The person was introducing himself as Branch Manager.  The so-called Branch Manager asked him for his name, Date of Birth, ATM Card Number, Card expiry date and OTP. The so-called Branch Manager was creating panic on the pretext of Blocking of ATM Card immediately if KYC details and OTP are not provided to him.

Correct choice should be as under:
Never share any information and OTP with any other person. Bank staff never calls to obtain sensitive information from any customer over phone. This may be a fraud call and the fraudster may cheat customer by transferring money from customer’s Bank account.

Case-3. A customer receives a call from a stranger offering high amount of loan on nominal interest without paper formality after filling up information in the link sent with the message. Immediately after filling up the information, customer receives a call from other stranger introducing himself as Manager of a reputed finance company asking for information about Bank account and OTP for verification before disbursement of the loan.

Correct choice should be as under:
One should never rely on such calls / messages / links received from strangers. One should believe the fact that none of reputed financial institutions including Banks disburse loans without proper identification and due diligence. Never share Bank account information / OTP or PIN with any other person. 

Please avoid such phone calls, text messages and emails received from strangers offering you Lottery / Prize / Gift / Loans / attractive job offers and many such lucrative offers.

With Best Wishes,

General Manager
State Bank of India
Corporate Centre

Written by Sumit Pandey

My name is Sumit Kumar Pandey and I’m a content writer and blogger who specializes in writing about technology, web design, and online marketing.

After working as a research scholar in the engineering field for many years, I’m now a full-time content writer, helping people get more exposure and generate more leads for their businesses.

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