State Bank of India issues Frauds-related advisories to Customers   

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With the increasing penetration of digital transactions in India, one of the largest lenders State Bank of India (SBI) issued a set of advisories for its customers to avoid getting duped by frauds.

State Bank of India is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.

SBI said that users should never disclose passwords to anyone as well as disable ‘auto save’ or ‘remember’ function in their devices to avoid storing data, among others.

Releasing comprehensive digital security guidelines for customers to ensure their digital transactions are safe and secure, State Bank of India (SBI) said customers should remember all the aspects of their digital banking, digital transactions, electronic payments and social media security, according to a PTI report.

For login security, it asked customers to try using unique and complex passwords as well as to change passwords frequently. “Never disclose, store or write down your user ID, passwords or PIN. Remember, the bank never asks for your user ID/passwords/Card No/PIN/Passwords/CVV/OTP,” the bank said.

Internet-related security

For internet-related security, SBI said that the customers should always look for “https” in the address bar of the bank’s website. It said users should avoid performing online banking transactions in public places using open Wi-Fi networks and should always logout and close the browser when they are done with their work.

In relation to UPI transaction-related security, customers are advised to try keeping their mobile PIN and UPI PIN different and random.

“Do not respond to any unknown UPI requests. Always report those suspicious requests and always remember that a PIN is needed only for transferring amounts, not for receiving,” it said.

Users should instantly disable the UPI service on their account if any transaction has happened without them doing it, SBI added.

The report further added the bank has also asked customers to be beware of the surroundings while performing ATM transactions through ATM machines or POS devices for debit/credit card security. It said customers should always verify the authenticity of e-commerce websites before performing the transactions.

Managing transactions

Manage your debit card transactions through online banking and set a limit for card transactions at e-commerce platforms, POS and ATM both for domestic and international transactions.

On mobile banking security, it said customers should enable strong passwords/ biometric permission on phones/laptops/tablets and should try using biometric authentication wherever feasible.

Do not download any unknown app suggested by strangers, applications should be downloaded only through official stores and regularly monitor the permissions of critical apps installed in mobile and keep a track of unnecessary and unused apps, it said. Avoid connecting phones to public wireless networks.

On social media security, SBI asked customers to confirm the identity of the person they are interacting with. “Do not share your personal/financial information on any social media platform and do not discuss confidential information in public places and on any social media platform,” SBI said.

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