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State Bank Of India Issues Alert for Digital Transactions; Check Details Here

(Image for representation purpose only)

(Image for representation purpose only)

The bank has asked its customers not to save any confidential or important information in their smartphone

Amid the rising cases of coronavirus and economic uncertainty, several are losing their jobs and facing a financial crisis. Also, with everything going online, cases of cybercrimes and online frauds have also increased.

Acknowledging the threat State Bank of India (SBI) has once again warned its 45 million customers against online fraud practices. Though several improvements have been made significantly in the banking facilities with the launch of online banking, there is no denying that it has also raised new difficulties and concerns for the account holders.

This is one of the major reasons why the Reserve Bank of India (RBI) along with several other banks keeps on issuing alerts regarding digital frauds for their customers from time to time in order to keep them informed and make them beware of the fraud practices.

People have started using banking facilities on their mobile phones via different apps and also save their important details and information in the smartphone itself. However, in the caution raised by SBI to its customers regarding the rapidly growing banking frauds, it has warned the customers to remain extra careful.

As per reports, the bank has asked its customers not to keep any confidential or important information saved in their smartphone. The bank has said that if people are saving their details like banking PIN, debit card, credit card information and its password, CVV, etc. in the mobile phone then are more likely to become a victim of digital fraud.

According to the bank, one should immediately delete all banking-related information from mobile phones or any device like computers and laptops.

SBI is a public sector banking and financial services statutory body and is the 43rd largest bank in the world. The bank was also the only Indian bank in the Fortune Global 500 list with a rank of 221st among the world's biggest corporations of 2020.

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