The largest lender State Bank of India (SBI) has issued a warning for its bank account holders via Twitter account, asking them to be aware of WhatsApp and fake social media messages. The warning comes after the bank noticed few customers have been receiving fake messages where they are asked to share financial credentials. SBI has been taking various measures to ensure the safety and security of their customers, and thereby it is of utmost important to stay alert and vigilant. In the awake of recent fraud, SBI has directed their customers for not sharing their details to anyone. 

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SBI says via its Twitter account that, “Stay alert to stay safe! Fake offers on messages via WhatsApp and social media could lead you astray. Report any untoward incident by calling at 1-800-111109.”

What is happening is that, few SBI customers are getting messages via WhatsApp and social media, where they are asked about one-time password (OTP). Generally, this message includes low value transactions. What happens is that, a fraudster is trying to carry out a transaction either through net banking or anything, generally when the software of system is new the netbanking portal does asks for OTP, in this case when you provide the OTP pin they get a clear signal for robbing your money away. Therefore, mediums like WhatsApp and social media are used for such information.

In a detailed notification SBI said, “The bank is aware of certain messages being circulated/forwarded via WhatsApp and Social Media, to the effect that our esteemed customers are getting messages advising about an OTP (One Time Password) in respect of a transaction (normally low value) not purported to have been originated by the miscreant.”

Giving assurance, SBI says, “We would like to reassure our customers that nobody can access your account without the successful validation of 2FA(Two Factor Authentication).

As a note of caution,SBI says, “we again request our customers not to share their card, account, bank credentials or OTP at any cost with any individual.”

In case of any suspected fraudulent activity/transactions on your card/ account then SBI says, “please feel free to report the incident immediately by calling at 1-800-111109.”

Hence, as an SBI customer if you do come across such messages,then before providing any financial credentials or OTP first check with your bank.