Our Bureau
New Delhi
Online scams in India have escalated with growing numbers over the time and scammers have found newer ways to lure innocent people into these scams. The State Bank of India who is the biggest lender of the country has issued a warning for the general public. They have stated that people need to be aware of the frauds by unauthorised advertisements that claim to offer stock market tips and investment advice using the bank’s name.
The bank from their official social media handle posted on X posted a video instructing people that scammers will usually share messages on different platforms and will try to reach you. They might use the SBI logo but people should know these are scams as SBI doesn’t offer investment tips.
“Certain unauthorised entities and individuals are circulating sponsored advertisements and messages, particularly via social media platforms and online channels, falsely claiming to offer stock market tips, investment advice or privileged financial information, under the guise of association with State Bank of India (SBI),” the bank stated.
The Bank also added, “Some of the advertisements also invite netizens, also the public at large, to join their WhatsApp groups for stock market recommendations and also promise unrealistic returns on investments. Some of the advertisements include messages such as: Now is a chance, join my WhatsApp group for free. In just 7 days, double your assets.”
The State Bank of India added, “SBI does not offer any such stock market tips or run schemes that promise unrealistically high returns, nor do we authorise any person or entity to do so on our behalf.”
SBI has also given public ways that they can detect if the message is from a credible source or not. The bank stated that upon receiving any message from them the user should verify the communication by contacting the nearest SBI branch or visiting the SBI Bank’s official website.
