PIB Fact Check Warns of ‘SBI Rewards’ App Download Scam, RBI Plans AI-Based Anti-Fraud System

Highlights

• PIB Fact Check warned users about a scam involving fake ‘SBI Rewards’ links.
• Urges caution against downloading unknown files or clicking suspicious links.
• RBI is developing an AI-enabled system to alert individuals of possible fraud in real-time.

Every day fraudsters are getting creative and finding new ways to trap gullible people online.

The system has to be on its toes to keep citizens aware of what latest cyber threats looming.

In a recent such attempt, the Press Information Bureau (PIB) Fact Check handle on X (previously Twitter) issued a warning to customers about a scam involving fake ‘SBI Rewards’ links.

In a post X post, the PIB Fact Check account urged users to “never download unknown files or click on links” from suspicious sources.

Beware ‼️

Did you also receive a message asking you to download & install an APK file to redeem SBI rewards❓#PIBFactCheck

❌@TheOfficialSBI NEVER sends links or APK files over SMS/WhatsApp

✔️Never download unknown files or click on such links

🔗https://t.co/AbVtZdQ490 pic.twitter.com/2J05G5jJZ8

— PIB Fact Check (@PIBFactCheck) November 2, 2024

PIB’s alert on X stated: “Beware‼️ Did you also receive a message asking you to download & install an APK file to redeem SBI rewards?”

The message added, “PIB Fact Check: SBI NEVER sends links or APK files over SMS / WhatsApp. Never download unknown files or click on such links.”

A viral message has been circulating urging people to download the fake app for ‘SBI rewards.’

RBI To Develop New AI System to Tackle Cyber Fraud

In separate news, the Reserve Bank of India (RBI) is reportedly working on a new AI-enabled system to help alert individuals of possible fraud in real time.

According to a recent report on Mint, two sources have confirmed that this RBI initiative involves banks using a central data repository managed by the RBI, containing information on various fraud cases and known fraudsters.

The AI-driven system would detect and flag suspicious transactions before they occur.

The RBI Innovation Hub (RBIH), a subsidiary of RBI, has already developed the MuleHunter AI model, which uses AI and machine learning to help banks identify “mule accounts” used by fraudsters.

The upcoming system aims to proactively alert users to secure their digital transactions.

Rising Cases Of Online Fraud

Multiple reports have recently highlighted the significant rise in cyber fraud cases across India.

PM Modi in one of his recent addresses also noted the menace of cyber fraud and noted how people are losing large sums to such scams.

Government data shows that Indians lost approximately ₹120.3 crore to digital fraud in the first quarter of this year alone.

Moreover, the Department of Telecommunications (DoT) recently launched its “International Incoming Spoofed Calls Prevention System.” This system was rolled out in two phases and will detect and block spam international calls that falsely display as Indian numbers.

FAQs

Q1. What warning did PIB Fact Check issue regarding the ‘SBI Rewards’ app?

Answer. The Press Information Bureau (PIB) Fact Check handle on X issued a warning to customers about a scam involving fake ‘SBI Rewards’ links.

Q2. What is the RBI doing to tackle cyber fraud?

Answer. The Reserve Bank of India (RBI) is reportedly working on a new AI-enabled system to help alert individuals of possible fraud in real time.

Q3. How significant are the losses due to digital fraud in India?

Answer. Government data shows that Indians lost approximately ₹120.3 crore to digital fraud in the first quarter of this year alone.

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