SBI Customers Alert! Beware of Rising QR Code Scams; Read Details

After the introduction of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), there was a rapid increase in financial inclusion in India. Following this, even those who were disconnected from any banking-related services opened their bank accounts.

Within four years since its launch, the scheme helped more than 80 percent of the country's population to access bank accounts. Moreover, digitization further accelerated due to demonetization and the corona pandemic. Unfortunately, this progress was met with a major hike in banking-related fraud. The country's largest bank -  State Bank of India (SBI) has warned all the account holders about ongoing fraud cases today.

The country's largest lender, State Bank of India, has issued a warning to its clients regarding the QR code scan. People have been warned not to scan unknown QR codes or input UPI pins, according to the public lender.

Digital payments have become dominant in the current times. With more individuals turning to online transactions, fraud in this area is also on the rise. However, one must be extremely cautious while carrying out any online transaction.  QR codes have become an increasingly popular method for fraudsters to scam consumers.

SBI has released a short video that explains how scanning QR codes results in money being debited from your bank account.

The public lender has started a campaign to educate people in financial matters under ‘Azadi Ka Amrit Mahotsav’. In order to increase awareness about frauds, the bank tweeted, “Scan QR Code and receive money? #YehWrongNumberHai. Beware of QR code scam! Think before you scan, do not scan unknown, unverified QR codes. Stay Alert and Stay #SafeWithSBI!”

Notably, the bank shared important details about what people shouldn’t do if they want to avoid fraud. It has asked customers

• To never share any personal or account-related information with anyone.

• Not to keep a password that is easy to guess.

• Not to write information related to ATM card number, PIN, UPI PIN, internet bank etc in any such place, which can be accessed by fraudsters.

• Not to share personal information on social media.

• Not to click on suspicious links and avoid downloading such apps.

What are QR codes?

It is a sort of barcode that stores data as a series of pixels in a square-shaped grid. A QR code may contain website URLs, phone numbers, or up to 4,000 characters of text. In 1994, the Japanese company Denso Wave, a Toyota subsidiary, created the first QR code system.