State Bank of India (SBI) has warned its customers about falling for the quick response (QR) code scams – an active prevalent fraud practice in online money transfer transactions.
The country’s largest public lender has asked its customers not to scan any QR code shared by anyone unless the objective is to pay and you know or have verified the recipient.
Cashless transactions and QR codes have become ubiquitous in these covid-stuck times. Unfortunately, cyber fraudsters have also picked this as a new innovative method of scamming even as increasingly various new modi operandi are coming to light every few days to trick people into losing their hard-earned money.
One must be extremely cautious while carrying out the transactions online.
The most important point SBI account holders should know is that the purpose or objective of the QR code is to make a payment, it is not to receive a payment.
The bank said when you…