Beware SBI YONO customers as fraudsters are on prowl; check SBI's latest alert

Recognized as the largest banking services establishment in India, the State Bank of India recently issued a fraud alert for its customers. With over 50 crore people utilizing its platform on a daily basis, its facilities are also at risk of being continuously attacked by cyber-criminals.

Acting on reports and recent scams, SBI issued notices on its social media handles asking its customers to exercise caution while making digital transactions. The latest thread of warnings pertains to a scam attack on unsuspecting customers where cyber-criminals target users of the SBI YONO app.

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The scam system works by preying on those clicking on a link sent by fraudsters, believing it to be an official message from the State Bank of India. A sample screenshot shared by the bank highlighted the trick’s nature. It addressed how a fake link is sent via SMS or WhatsApp with a text asking them to redeem their E-reward points before they expire.

pic.twitter.com/IPlYVxXxwP

— State Bank of India (@TheOfficialSBI) November 11, 2024

However, SBI clarified that it never sends users any links to redeem any reward points of any sort. Unfortunately, a few people fall into the trap, believing that they may have gained such reward points through digital transactions on the YONO app, and click on the link sent by scammers.

ALERT - PUBLIC CAUTION NOTICE pic.twitter.com/2u0CVcr0Rg

— State Bank of India (@TheOfficialSBI) November 7, 2024

Moreover, instead of taking customers to the official app, this malicious link downloads a .apk file (Android application installer package) to their devices. Upon clicking, it installs itself. Such apps can then allow scammers to read messages and OTPs remotely and siphon money away from the victim’s bank account.

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Notably, SBI’s directive comes at a time when the number of cybercrime cases is rising on a daily basis. The bank itself had notified of another scam involving someone claiming to be connected with SBI and luring people into fraudulent schemes and loans.