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Even SBI is not free from scams by cyber fraudsters
The central government's Press Information Bureau has warned unsuspecting customers to be aware of an ‘SBI Rewards’ scam being used by fraudsters. In a post on social media platform X, the PIB Fact Check account warned users “never to download unknown files or click on links”.
The PIB alerted users on X: “Beware! Did you also receive a message asking you to download & install an APK file to redeem SBI rewards?”
“PIB Fact Check: SBI NEVER sends links or APK files over SMS / WhatsApp. Never download unknown files or click on such links,” it added.
AI-driven systems to check cyber fraud
Meanwhile, the Reserve Bank of India is also working on an artificial intelligence (AI) enabled solution to warn individuals about financial fraud in real-time, two sources told Mint.
Individual banks will tap into a central bank data repository hosting information on various types of frauds and their perpetrators, and an AI-based warning system will flag suspicious transactions when they are about to be made.
The Reserve Bank of India Innovation Hub (RBIH), an RBI subsidiary, has already developed MuleHunter AI, an artificial intelligence and machine learning (AI/ML) model to help banks and financial institutions detect so-called mule accounts used by fraudsters. The new system will, on the other hand, alert users and safeguard digital transactions.
Cyber fraud rising
In a report, the government noted that cyber fraud cases are on the rise in India, and people are "losing lakhs" due to "sophisticated" fraudulent schemes. Indians lost about ₹120.3 crore in ‘digital arrest’ frauds, in the first quarter of this year, according to the government data.
It noted that the Department of Telecommunications (DoT) launched its “International Incoming Spoofed Calls Prevention System” last month. The two-phase system will detect and block spam international calls that falsely display Indian numbers, thus targeting a "key element" of some scam schemes.
(By arrangement with livement.com)
