In a bid to educate its customers as well as make them aware of online frauds, the State Bank of India (SBI) has recently advised them not to interact with fake accounts.
In a bid to educate its customers as well as make them aware of online frauds, the State Bank of India (SBI) has recently advised them to interact with only the verified and official handles of the SBI to safeguard their hard-earned money from fraudsters.
In fact, cyber thefts and online frauds are no longer a new thing. With the increased adaption of technology, online frauds such as cyber threat, internet crime and hacks have also increased. Especially with your identity and financial credentials used so vigorously online, it has become crucial to stay safe from such fraudulent practices. Most often these cyber threats are seen with the higher organization and bigger banking system.
As many bank customers were recently trapped in fake bank apps, banks have been taking steps to overcome such situations. The lenders are warning their customers over fake social media accounts. To safeguard your hard-earned money from fraudsters, banks, and financial institutions suggest to only interact with the official handles of these companies.
In one of its recent social media posts, SBI recently said, “Do not invest your time and money interacting with fake accounts on social media. Follow, tag and interact with only the verified, official handles of SBI, to ensure that your comments, complaints, and enquiries get adequately addressed and you are not scammed by fraudsters.” Always check for the verified ‘tick’ sign before you follow, tag and interact with banking officials through their social media accounts.
With the government pushing and promoting digital payments, the type of cyber fraud has also increased. With the rise in digital payments, scamsters who have been eyeing this space, have come up with their own version of clones to target gullible users. Tons of fake banking apps have emerged in recent times, which are fooling bank users and stealing their data. Many of these apps lured victims into downloading these apps and using them by promising rewards such as cash back on purchases, interest-free loans, or free mobile data, the report added.
Only because an app is in the official store of Google or Apple doesn’t mean it is legitimate. You can still be tricked by scamsters into installing fake apps that steal your personal and financial data. Most times these fake apps disguise themselves as internet banking apps or electronic wallets, having the same design and colors of the actual apps, wherein users are not able to distinguish between real and fake apps.
Here are some ways to spot one:
- Do some research on the developer of the app you plan to install. On the Google Play Store, you will be able to find the developer’s name right below the app name. You can search the developer’s name on Google- a genuine developer is most likely to have a website and other valid and verifiable details on the Net.
- When installing an app, read about the app and all permissions carefully. Ensure that the permissions asked by an app, comply with its functions. For instance, if a reading app is requesting permission to access SMS, call logs, media files, then there is a high chance of that app being a fake. You can check out the developer’s profile too. Apps are more likely to be genuine and legitimate if they have the tags “Editor’s Choice” or “Top Developer”.
- User ratings and reviews prior to downloading an app are very important. In case of a fake app, you are likely to come across reviews that say so. However, also be cautious of overly exaggerated reviews praising the app, as scamsters do post fake reviews. See the number of times the app has been downloaded. A big bank or a popular wallet app will usually have millions of downloads.