What is SBI Reward Points scam, how to protect yourself
What's the story
The State Bank of India (SBI) has issued a critical warning to its customers regarding a new kind of fraud in the name of reward point redemptions.
The bank warned its customers in a post on X, noting that these scams are aimed at fooling users into downloading malicious apps and divulging their personal details.
The scam involves fraudsters sending SMS/WhatsApp messages promising huge reward points redeemable by clicking on a link.
Scam mechanics
How does the scam work?
The reward points scam works by redirecting users to a fake website or a malicious app APK file.
As soon as the user enters their data on these platforms, it is instantly shared with the scammers.
Even payments made through these platforms go into the hands of fraudsters.
The bank has given an example of such fraudulent messages to help customers identify potential scams.
Bank guidance
Advice to customers
SBI has clarified that it never sends messages or APKs through SMS or WhatsApp for redeeming reward points.
The bank advises its customers to refrain from clicking on links or downloading files from such messages, as they can compromise device security and lead to data breaches.
Customers are urged to access their accounts only through official SBI channels and apps, and report any suspicious messages to the nearest branch or customer service.
Official alert
Government issues alert about new scam targeting SBI customers
The Press Information Bureau (PIB) has also issued a warning regarding this scam targeting SBI customers.
The government's advisory says that scammers are sending deceptive messages, urging users to download an app to redeem fake "SBI rewards."
Both the government and cybersecurity experts are advising all online banking users, not just SBI customers, to take precautions to protect their sensitive information from such scams.