Scam alert! SBI asks customers to beware of fraudsters posing as CBI or IT officials to extort money

The State Bank of India (SBI) has recently issued a warning to its customers about a new scam where fraudsters impersonate officials from the Central Bureau of Investigation (CBI) or the Income Tax Department. These scammers attempt to intimidate victims by claiming they are involved in a fabricated legal case and may face large fines or arrest.

“Dear SBI Customer, Fraudsters may pretend as CBI or IT Department officials and threaten you with legal action or severe fines in order to extort money. Beware of such frauds,” SBI told its customers.

How does the scam work?

1. Fake call initiation: The scam begins with an unsolicited call, often via a video chat app. The fraudster, posing as an official, tells the customer’s personal details, such as KYC information or address, which are gathered from public sources, making the victim believe the call is legitimate.

2. Building fear: The fraudster convinces the victim that they have violated laws, such as evading taxes or missing a legal process, and threatens them with jail or legal consequences. This induces panic, making the victim more susceptible to manipulation.

3. Staged investigation: The fraudster may go as far as mimicking an official inquiry, asking for more personal information, including Aadhaar and bank details, under the pretext of investigation.

4. Offering a ‘solution’

: After creating a sense of urgency, the fraudster offers an escape route, claiming that paying a bribe will resolve the situation. The victim is instructed to transfer money to a different bank account with the promise that the funds will be returned after the investigation.

This scam, which relies on “phishing” and “social engineering,” tricks victims into sharing sensitive information or transferring money to fraudsters.

How to avoid falling victim to such fraud calls?

– Verify the source: Always confirm the caller’s identity before sharing any information. Legitimate organizations usually do not request sensitive details over the phone or video calls.

– DO NOT share any personal information: Never provide personal, financial, or account details to anyone who contacts you unexpectedly.

– Be sceptical of threats: Be cautious if you receive threats of legal action or fines. Genuine legal communications typically arrive through official channels like mail, with clear instructions and time to respond.

– Report suspicious activity ASAP: Immediately report any suspicious communication to your bank and local authorities.

– Enhance security: Enable two-factor authentication on your mobile devices and bank accounts, and use strong, unique passwords for your online services.

By following these precautions, you can safeguard yourself from falling victim to such scams.

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