SBI on Twitter posts about a new Whatsapp scam that targets their costumers. The scam involves a message that educates the consumer about One-Time Passwords (OTP) and a link is also shared in the same message that further on downloads a malicious app and installing it on the user's phone. The message sent to the user also asks for bank details/credentials which are indeed needed for the transaction. This app unknowingly runs in the background sending all the bank details and OTP to the scamster helping him with a successful transaction.
How Does This Scam Work?
Firstly it tries to gain the trust of the victim by forwarding a message educating the user about OTP. The message also comes with a link which downloads a malicious app and when the hacker gets the trust of the victim all the bank details and the OTP are redirected from the victim's device to the hacker's device.
As the scamster already has the card details such as CVV, expiry date and the card number of the victim he makes unauthorized transactions. To authenticate the transaction, the moment the OTP reaches the victim’s phone it gets redirected to the scamster's phone through the malware. Once the scamster gets the OTP, the transaction is then easily verified.
These scams are just like other scams which asks details regarding banking credentials and making the people carried away. To stop falling into this trap never share your OTP or bank credentials with any app unless its a genuine one. Do proper research if the news being forwarded is true or false.
If a user faces such cases, the person can claim a refund if you report the matter within 3 working days. To report, you can call at 1-800-111109 and share details about the fraud officially with the bank.
You can also send an SMS by typing “Problem” and sending to 9212500888 or report on Twitter '@SBICard_Connect'. As per SBI, if any fraud is due to some fault of SBI’s then the customer will get full compensation even if the fraud is not reported and also keep in mind that you will not get the refund if the loss is due to the person's negligence or willingly sharing of personal banking details.
SBI Warns Customers To Stay Safe From Malicious Whatsapp Scam
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