SBI issues critical warning for Reward points and fake app download: What is this scam and tips to stay protected

Scam alert

State Bank of India (SBI) has issued a critical alert to its customers regarding a wave of fraudulent messages claiming to offer reward point redemptions. The bank has shared the warning along with some precautionary measures via a post on X. These scams aim to deceive users into providing personal information by downloading malicious apps on their smartphones.

Reward point scams are basically a way of scammers to target their next victim. In such scams, scammers send an SMS or WhatsApp message telling them that they have some amount accumulated as the rewards point or they have reward points that are worth a hefty amount and here’s a list you need to click to download the app and claim that amount.

The link either redirects users to a fake website or an app apk file that are malicious and every data entered in that app gets shared with the scammers. In fact, payments made via the app go to scammers.

SBI has also shared a sample SMS that scammers send to users. Here’s what it reads.

“Dear Customer

Account- Yono_SBI net banking

Reward point INR Rs.9895 will be Today

expiry documents redeem YOUR CASH

click Link https://ehct.short.gv/MeRIX7”

As per the shared SMS sample, the fraudulent messages typically tell users about the accumulated reward points, prompting them to click on a provided link for cash redemption.

"It is observed that fraudsters are sending messages and APKs over SMS or WhatsApp for redeeming SBI reward points. Please note that SBI never shares such messages and APKs over SMS or WhatsApp. Do not click on any such links or download unknown files", reads SBI's post on X.

SBI has emphasised that it does not send such communications via SMS or WhatsApp. The bank advises customers to remain vigilant and avoid engaging with any unsolicited messages.

SBI has also urged customers not to click on links from unknown sources or download any files from these messages. Downloading suspicious APKs can compromise device security and lead to data breaches. Customers should only access their accounts through official SBI channels and applications.

If you’ve received such messages, SBI recommends reporting them to the nearest branch or contacting customer service. It is essential for users to stay informed about potential threats and to practice caution while handling financial information.