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November 25, 2022

SBI warns customers to avoid using instant loan applications

by CA Shivam Jaiswal in RBI

SBI warns customers to avoid using instant loan applications

The largest lender in the country, State Bank of India (SBI), has advised clients to avoid using instant loan apps and has even suggested preventive measure.

In a tweet tha bank said that , “Please avoid clicking on suspicious links or providing your information to the company posing as banks or financial institutions. Visit cybercrime.gov.in to report online crimes ”.

The government and the Reserve Bank of India (RBI) have received several complaints about instant loan apps, particularly those that come from China.

Their widespread use has increased instances of cybercrime and also led to a rise in the extortion of helpless borrowers.

The SBI shared some safety advice, suggesting that it is always preferable to check the authenticity of an app before downloading.

Many illegal apps have the ability to trap users and steal money from their accounts.

The SBI advised customers not to click on suspicious links and to take precautions to avoid downloading unauthorised apps.

The bank additionally advised that you should check the app permission settings to secure your privacy from theft and that, in the case of theft, such matters should be reported to the local police authorities.

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