SBI Explains How to Avoid Online Transaction Fraud


(Image for representation purpose only)

(Image for representation purpose only)

State Bank of India has also shared the link of a YouTube video elaborating how these activities are carried out

The State Bank of India (SBI) has warned people against the increasing cyber frauds during the pandemic. SBI informed the people to be cautious of the QR scam or frauds that have been carried via digital modes of monetary transactions. Posting a tweet on the online platform, SBI has alerted people not to scan QR Codes shared by anyone unless the objective is to pay.

SBI has probed customers to be extra cautious while making transactions online, especially via scanning QR codes, as fraudsters are using this common mode of digital payments to hoax and trick people.

Along with informing the customers, the bank has also shared the link of a YouTube video elaborating how these activities are carried out by first asking customers to scan QR codes to receive money and later debiting the same amount from their bank accounts. The bank mentioned that QR codes are not meant to receive money and urged users to stay alert.

The video shared by the bank opens with a person uploading pictures of a dining table through a second selling application. The person named Arvind quotes its price at Rs 16,000. A buyer named Ramesh, who is a fraud, contacts Arvind and agrees to buy the piece of furniture at Rs 15000. The buyer then transfers the token amount to Ramesh’s account to verify the authenticity. The buyer then sends a QR code to Ramesh to scan it in order to get the remaining amount. But Ramesh saves himself from getting duped by not scanning the code. The video showed that instead of receiving the amount by scanning code, people end up losing the same amount.

Last month, the Army Criminal Investigation Command’s Major Cybercrime Unit issued an alert. Ithas warned users to not scan randomly found QR codes or those sent in emails. It also mentioned being particularly suspicious if a transaction asks for security passwords after scanning codes.

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