SBI warns against digital credit fraud
National Bank of India (SBI) warned against loans offered by unauthorized digital platforms, mobile apps promising a quick and hassle-free process. “Beware of scam instant loan applications! Please do not click on unauthorized links and do not provide your details to an entity masquerading as SBI or any other bank. Visit https://bank.sbi for all your financial needs, “tweeted SBI, the country’s top lender. .
In addition to giving the message to its customers of the fraudulent instant loan applications that could be a trap, the country’s leading lender has also shredded a few security tips.
-Check the terms and conditions of the offer.
-Avoid clicking on suspicious links.
-Check the authenticity of an app before downloading it
-Visit https://bank.sbi for all your financial needs
Legitimate loans can be offered by banks, non-bank financial companies registered with the RBI, and entities regulated by state governments.
Last month, the Reserve Bank of India (RBI) warned individuals and small businesses not to fall prey to a growing number of unauthorized digital lending platforms.
These platforms charge excessive interest rates and additional hidden fees, adopt unacceptable and overbearing collection methods, and abuse agreements to access data on borrowers’ mobile phones.
“Members of the public are hereby cautioned not to fall prey to such unscrupulous activity and to check the background of the company / business offering loans online or through mobile apps,” the central bank said.
Additionally, consumers should never share copies of Know Your Customer (KYC) documents with unidentified, unverified / unauthorized applications and should report such incidents to appropriate law enforcement authorities.
Sometimes, SBI continues to alert its customers by alerting them to phishing trends and methods to protect them against such fraud. SBI keeps its clients informed through its official Twitter handle (@TheOfficialSBI).
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country.
Never miss a story! Stay connected and informed with Mint. Download our app now !!