Government warns of SBI Fake Bank and Stock trading app scam

In the previous year, the government had warned the account holders of SBI against the fake SMS scam. Claiming to be from SBI’s channel, it asked the recipients to renew their PAN card. If they didn’t, they threatened to block their mobile app SBI YONO account. 

The PIB (govt.fact check department) too warned the recipients about such SMS messages. Taking to twitter (now x), it revealed that through the SMS, they posed as official SBI and asked users to update their PAN card otherwise their SBI YONO account would be blocked. If not complied with the SMS. 

Through social media, they clarified that all these messages are fake. 

In addition, both android & iPhone users were given warnings by the government about these dangerous apps. Via Cyberdost, (handle of Ministry of Home Affairs). However, the android consumers were specifically warned. 

Why Android Users? 

The government through their online handle had warned about the android consumers of its fake counterpart of Union Bank which goes by the name “Union-Rewards.apk”. 

This scam app impersonates the official version of the Android App and offers the consumers rewards. 

The tweet reads “Protect yourself from fake malicious android applications. #CyberSafeIndia #CyberAware #StayCyberWise #I4C #MHA #fraud #newsfeed,” 

Fake Stock Trading App Scam 

In addition to the government app scam, stock trading apps have become a huge nuisance recently. Which causes huge financial losses to the innocent citizens. It has specifically warned iPhone users about it. 

As per the government cyber cell, it has warned of this fake stock trading app Group-S. As per the information provided, its publisher is Chu Chi Quoc Huy. 

Other apps include INSECG, CHS-SES, SAAI, SEQUOIA and GOOMI. 

These applications lack registration with the Securities and Exchange Board of India (SEBI). According to the modus operandi, they enroll users and prompt them to engage in stock trading according to recommendations from fraudulent sources. The amount for the shares are deposited in the accounts to buy shares. Which is specified by the fraudsters. Bogus profits are then showcased in the digital wallet, resulting in victims ultimately losing their money. 

Keeping the severe situation into account, SEBI has cautioned the investors too about these social media messages & applications which claim that they facilitate stock market access via FPIs or FIIs sanctioned by SEBI.