Cybercriminals are always looking for new targets for fraud. Usually, these vicious fraudsters hack an institution or service and defraud users. The same thing is happening to the customers of India’s largest bank, the State Bank of India (SBI). In this scam, hackers ask customers for OTP (one-time-password) to pursue the date of loan repayment. After getting OTP, money is being stolen from the customer’s account.
SBI has been aware of this fraud. The bank has made a post from its Twitter handle advising customers to be alert to such cyber scams. In a tweet, the bank said, “Cyber fraudsters are searching for new ways to counterfeit people. These cybercriminals can be defeated only by being alert and aware. Note that no one needs to tell OTP for EMI differential. Do not share your OTP with anyone. ‘
Cyber fraudsters keep finding new ways to scam people. The only way to beat the #cybercriminals is to #BeAlert & be aware. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP. For details on EMI Deferment scheme, visit: https://t.co/wP3Xux99vI#SBI pic.twitter.com/2GZSHX3ONa
— State Bank of India (@TheOfficialSBI) April 5, 2020
Due to lockdown in the country, all banks are giving exemption to their customers on EMI payment until June 2020. While banks are trying to reduce the hardships, cybercriminals are looking at it as an opportunity for fraud. SBI calls as a fraudster bank employee to cheat customers. These fraudsters ask the customer to postpone the date of payment of the loan EMI. Bank customers unaware of cyber fraud tell OTP to these counterfeiters. After getting OTP, these cyber thugs can steal money from the account in seconds.
The bank has also posted a link to provide full and accurate information on the loan deposit to the customers. It says that SBI has started to differ the EMI and interest between 1st March 2020 to 31st May 2020. According to this, customers get a three-month grace in the total repayment period. You can also call the customer care number on the bank’s website to get information about it.
Gracia is a senior writer at Get Ignite, where she covers media and advertising and co-hosts the Original Content podcast. Previously, she worked as a tech writer at Adweek, a senior editor at the tech blog VentureBeat, and a local government reporter at the Hollister Free Lance. She attended Stanford University and now lives in Brooklyn.