State Bank of India Shares Tips To Protect Yourself From Fraudulent Money Apps

Online frauds, identity thefts, shady pop-up ads and more are now occurring at large across the country. To prevent customers from such scams, SBI, the country's largest lender, has come up with some useful tips. Customers can now use the safety tips offered by SBI to avoid getting caught in quick loan traps. It also exhorts people to report cybercrimes at cybercrime.gov.in.

Chinese rapid loan applications are a source of controversy, and the central government is trying to stop them in various ways. The emergence of rapid lending apps contributes to an increase in cybercrime where victims are forced to pay astronomical interest rates and questionable loan extraction practises.

Further, SBI has also stated the same on its official Twitter account that read, ‘Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial company. Report cybercrimes at – http://cybercrime.gov.in.’

In light of these increased and recurring frauds, SBI has shared some safety tips to safeguard yourself from illegal money apps.

Let us take a closer look at the 6 safety tips shared by SBI.

Also read: The Deep, Dark World Of Fraudulent Instant Loan Apps

1. It is always better to verify an app's legitimacy before downloading. Numerous unlawful apps have the potential to capture users and steal money from their accounts.

2. You shouldn't click on shady links.

3. It's best to avoid utilising unlicensed apps that might steal your data, as was already mentioned.

4. To prevent your data from being stolen, check the app permission settings.

5. You should alert the local police about any dubious money lending apps.

6. For all of your banking needs, always go to http://bank.sbi.

Not only that, but customers should also refrain from sharing their Know Your Customer (KYC) documents to unrecognised people or apps that are not validated or authorised, and always report such events to the appropriate law enforcement agencies.

In fact, banks, non-banking financial enterprises registered with the RBI, and organisations under state government regulation are all capable of providing legitimate loans. Hence, they are safe. Additionally, SBI periodically warns its clients about phishing trends and strategies for defending themselves against such scams.

Suggested read:

• Savings Account Interest Rate Comparison: ICICI Bank vs HDFC Bank vs State Bank Of India

• State Bank of India (SBI) Increases Processing Fee on Rent Payments Made Through Credit Cards