SBI customers alert: Don't do this! You will lose your money in this QR Code fraud!

The State Bank of India (SBI), India's largest public lender, has issued an alert warning its customers to beware of an active prevalent fraud practice in online money transfer transactions. India's largest public lender has asked its customers not to scan any QR shared by anyone unless the objective is to pay and you know or have verified the recipient.  

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The most important point SBI account holders should know is that the purpose or objective of the QR code is to make a payment, it is not to receive a payment. The State Bank of India said when you resort to such practice, you end up getting money debited from your account instead of receiving it. Hence, SBI asked its customers not to scan a QR code shared by any person as it could lead to fraudulent transactions.   

You don’t receive money when you scan a QR code. All you get is a message that your bank account is debited for an ‘X’ amount. Do not scan #QRCodes shared by anyone unless the objective is to pay. Stay alert. #StaySafe. https://t.co/EXGQB7YFT9#QRCodes #InternetBanking

— State Bank of India (@TheOfficialSBI) April 27, 2021

The State Bank of India took to Twitter to alerts its customer and wrote, " You don’t receive money when you scan a QR code. All you get is a message that your bank account is debited for an ‘X’ amount. Do not scan #QRCodes shared by anyone unless the objective is to pay. Stay alert. #StaySafe. "

It also attached a video explaining how QR code fraud works.  

There have been several online frauds that are prevalent and online fraudsters keep coming up with innovative ways to trick people into losing their hard-earned money.  QR codes have become an increasingly popular modus operandi for fraudsters to cheat people. With more and more people moving to online transactions, fraud related to the same has been on the rise. So, next time someone asks you to make payments by scanning a QR code, be super alert.

Earlier, SBI had also alerted its customers about FD fraud and posted a similar Twitter post, " We urge our customers not to share their banking details with anyone. Don't fall for scammers impersonating as SBI, we never ask for personal details like Password/OTP/CVV/Card Number over the phone."

The Public sector bank said that it has come across recent reports, wherein cyber criminals have created online fixed deposits in customers' account. The State Bank of India has asked its customers to control access to their account by not sharing Password/OTP/CVV/Card Number etc. With anyone.