State Bank of India (SBI) has issued a new alert for its customer-depositors about a new fraud taking place under the guise of SBI fixed deposits (FDs).
SBI says it has come across recent reports, where cyber criminals have created online fixed deposits in customers' accounts to carry out social engineering frauds.
The state-run lender took to social media to warn its customer-depostors about the new modus operandi and ask them to control access to their account by not sharing personal details. It has warned that SBI customers of not sharing like password, one-time passcode (OTP), card verification value (CVV) and card number with anyone. It reiterated that the bank would never ask for such details over phone, SMS, or mail.
"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 or card number over the phone. Be alert. Be safe," SBI tweeted.
This new form of cyber fraud has come to light where fraudsters are found using victim's FD account to siphon off money. They first create FD account of the target victims with the help of their net banking details and transfer some amount. Then taking advantage of victim’s vulnerability, the fraudsters ask for OTP by posing as official of SBI. Once the victim shares the OTP, the cyber criminals transfer the entire FD amount into their own account.