The government’s Press Information Bureau (PIB) has issued a warning about recent scams targeting users for financial fraud.
In a social media post, PIB cautioned users against fake messages claiming to offer SBI rewards. The bureau shared, “Did you also receive a message asking you to download & install an APK file to redeem SBI rewards?”
PIB further clarified, “SBI never sends links or APK files over SMS/WhatsApp. Never download unknown files or click on such links,” as part of its fact-check advisory aimed at protecting users from phishing attempts.
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Cyber fraud on rise
Cyber fraud is on the rise, with people losing lakhs due to increasingly sophisticated tactics by fraudsters.
The Department of Telecommunications (DoT) has launched the “International Incoming Spoofed Calls Prevention System” in two phases last month. This system detects and blocks spam international calls that falsely display Indian numbers as caller IDs, addressing a key element that enables these scams.
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In other news, SBI Cards and Payment Services Ltd. (SBI Card) reported a 33 per cent drop in net profit to ₹404 crore for the September quarter, citing increased delinquency.
The company, backed by State Bank of India (SBI), had reported a profit of ₹603 crore in the same quarter last year. Total income, however, rose 8 per cent to ₹4,556 crore from ₹4,221 crore.
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Interest income saw a 20 per cent rise to ₹2,290 crore, though other income declined by 2 per cent to ₹2,131 crore. Asset quality slightly weakened, with gross non-performing assets (NPAs) rising to 3.27 per cent from 2.43 per cent a year earlier, while net NPAs increased to 1.19 per cent from 0.89 per cent. Impairment losses and bad debt expenses rose 63 per cent to ₹1,212 crore. Additionally, SBI Card’s capital adequacy ratio fell to 22.1 per cent from 23.3 per cent as of September 2023.