Alert! SBI warns customers against FD fraud: Follow THESE or lose money

India’s largest public lender State Bank of India has alerted its customers and the general public about social engineering frauds for investments as Fixed Deposits (FDs). The bank said that a lot of complaints have been reported wherein cybercriminals have created online fixed deposits in customers' accounts. 

Therefore, the State Bank of India has asked its customers to take control of its access to their account and not share personal details like Password/OTP/CVV/Card Number, etc. The bank would never ask for these details over the phone, SMS or mail. 

“We urge our customers not to share their banking details with anyone. Don't fall for scammers impersonating as SBI, we never ask for personal details like Password/OTP/CVV/Card Number over the phone,” the bank said in a tweet.

SBI took to social media to convey this message to its account holders and this new kind of cyber fraud has been reported where fraudsters are using victim's FD account to siphon off money. 

The total functioning of fraudsters include that they first create FD accounts of the target victims with their net banking details and transfer some amount and then they take advantage of that and ask for OTP posing as bank officials and if the OTP is shared then they transfer the FD amount into their own account.