Thursday, February 2, 2023

Account-holders at SBI are advised to be wary of QR code fraud.

Cyber criminals’ use of QR code to defraud people is becoming increasingly common. State Bank of India (SBI), the country’s largest lender, has issued an alert to its customers about QR scans. SBI has issued a warning to people not to search QR Codes exchanged by others unless they want to pay.

In the aftermath of the Covid-19 pandemic, online transactions have become a requirement. However, when conducting online transactions, extreme caution is needed. Not only has technology made our lives easier, but it has also made life easier for cybercriminals.

For them to defraud people, QR codes have become an increasingly common method. As more people switch to online transactions, fraud related to those transactions is also on the rise.

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“When you scan a QR code, you do not receive any money. All you get is a notification that your bank account has been debited for a sum of ‘X’. If you don’t want to pay, don’t check #QRCodes posted by others. Maintain vigilance, “SBI has sent out a tweet.

SBI has released a two-and-a-half-minute video that explains how scanning a QR code will result in money being debited from your bank account. Take a look at this video.

Also, keep in mind that QR codes should only be scanned to make purchases, not to obtain money.

The scam begins when someone posts an item for sale on an online auction site. When fraudsters pose as buyers and exchange the QR code in order to pay a deposit or a token sum, this is what happens. They then generate a QR code and send it via WhatsApp or email to the intended victim. They will instruct the victim to check a QR code that they will send to them in order to obtain money directly into their bank accounts. Victims check QR codes sent by fraudsters, believing that money will be deposited into their accounts, but they end up losing money.

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