Synopsis: The State Bank of India (SBI) issued a warning to its account holders about a fake SMS scam targeting PAN updates to prevent potential blocking of their YONO accounts. The scam involved fraudulent messages impersonating SBI and instructing users to update their PAN cards under the threat of account suspension.
SBI warned account holders of a fake SMS scam prompting PAN updates to avoid YONO block. Government agencies cautioned against impersonating SMS, warned of fraudulent apps targeting users for financial scams.
Late last year, the government warned State Bank of India (SBI) account holders of a fake SMS scam. A message circulating via SMS claiming to be from State Bank of India's (SBI) official channel asked users to update their PAN card. It threatened SBI account holders, if they do not update their PAN via the link given in the SMS, their SBI YONO account will be blocked. YONO is SBI's mobile app.
The Indian government's Fact Check department (PIB Fact Check) too warned SBI account holders about such SMS messages. In a post on X, formerly Twitter, it says that the messages circulating via SMS to users that impersonate official SBI and ask recipients to update their PAN Card in case they don't want their SBI YONO account to get blocked are fake.
The government has again warned Android and iPhone users of similar dangerous apps that steal money from victims' bank accounts. These apps have been named on Cyber Dost, the Cyber-safety and Cybersecurity awareness handle maintained by the Ministry of Home Affairs, Government of India.
Fake banking app:
The government has warned Android smartphone users of its fake app of Union Bank. Called Union-Rewards.apk, the scam app impersonates the official Android app of Union Bank and claims to offer users rewards.
"Protect yourself from fake malicious android applications. #CyberSafeIndia #CyberAware #StayCyberWise #I4C #MHA #fraud #newsfeed," reads a tweet on government of India's cybersecurity account, Cyberdost.
Fake stock trading apps:
Fake stock trading apps have become a huge menace recently. Innocent citizens across the country have lost lakhs of rupees to such apps. The cyber cell of the Indian government has also warned iPhone users of a fake stock trading app. The app name is Group-S app. The app's publisher is Chu Chi Quoc Huy, as per the screenshot shared.
https://x.com/Cyberdost/status/1777281113179701371
Other similar dangerous apps include: INSECG, CHS-SES, SAAI, SEQUOIA and GOOMI. These apps are not registered under the Securities and Exchange Board of India (SEBI).
They register users and make them do stock trading based on the fraudsters recommendations. The amount to buy shares is deposited into bank accounts mentioned by the fraudsters. Fake profits are displayed in the digital wallet and victims end up losing money.
SEBI too has warned investors to exercise caution and to stay away from any social media messages, WhatsApp groups, Telegram channels, or apps claiming to facilitate stock market access through FPIs or FIIs registered with SEBI.
In conclusion, the emergence of fraudulent SMS messages and malicious apps targeting State Bank of India (SBI) account holders underscores the growing sophistication of cyber scams in India.
The SBI's alert, along with government agencies' warnings, highlights the importance of vigilance among users to protect themselves from financial fraud.
The proliferation of fake banking and stock trading apps, which deceive users with enticing offers, poses a significant threat to individuals' financial security.
As regulatory bodies like SEBI issue cautionary advisories, it becomes imperative for investors to exercise due diligence and refrain from engaging with unregistered or suspicious platforms.
Ultimately, combating these scams requires a collaborative effort between financial institutions, government agencies, and individuals to mitigate risks and safeguard against financial exploitation in the digital age.
