SBI issues a warning of a new Scam that can potentially wipe customers’ money

SBI | coronavirus

Amidst the ongoing pandemic of coronavirus, the State Bank of India has issued an alert regarding a fraudulent scheme that can cost money to their customers. The bank stated, “A new style of cybercrime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared, the amount is immediately siphoned away by fraudsters.”

Although the world is battling the Covid 19 pandemic, Indian fraudsters are searching for ways to get money off the table. The fact that most individuals are trapped in their homes and are fearful of the pandemic has encouraged fraudsters.

The scam followed the declaration of the three-month moratorium on loans from India’s central bank to support the population in the troubled days. EMIs were also included. Using this scenario as an opportunity, fraudsters took action and set an intricate trap for unsuspecting consumers.

Like most schemes, fraudsters would pose as agents of the bank to collect your details. In order to look credible, the caller must share some of your information when reiterating RBI’s announcement regarding the three-month moratorium. You then initiate a transaction and exchange the OTP with them. This user’s input completes the cybercrime cycle, and the money is siphoned off.

The three-month moratorium will be met for those who write to their bank via e-mail or visit their web site. For no reason shall any branch, including SBI, check for your OTP. When the caller asks for your personal information from the machine, it is a scam. The caller may talk in a polite voice but realize that it is an intricate con as soon as they ask for your information.


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