PIB fact-checks SBI rewards fraud, warns ‘never click unknown links, files’. Check the details here

PIB Fact Check: The Government’s Press Information Bureau (PIB) has warned unsuspecting customers to be aware of ‘SBI Rewards’ a scam used by fraudsters. In a post on social media platform X (formerly known as Twitter), the PIB Fact Check account warned users to “never download unknown files or click on links”.

PIB warns of fraud

PIB in a statement warned users on X: “Caution Have you also received a message asking you to download and install the APK file to get SBI reward?”

“Checking the PIB facts: SBI NEVER send links or APK files via SMS / WhatsApp. Never download unknown files or follow such links,” it added.

RBI to introduce real-time AI-based systems to check cyber fraud

Meanwhile, the Reserve Bank of India (RBI) also working on An artificial intelligence (AI)-enabled solution that alerts people to financial scams in real-time, two sources told Mint.

Under the plan, individual banks will connect to a central bank data repository that houses information on different types of fraud and their executors, and an AI-based warning system will flag suspicious transactions when they occur.

True, Reserve Bank of India Innovation Center (RBIH), an RBI the subsidiary has already developed MuleHunter AI, an artificial intelligence and machine learning (AI/ML) model that helps banks and financial institutions detect so-called mule accounts used by fraudsters. The new system, on the other hand, will notify users and protect digital transactions.

Internet fraud is on the rise

This is stated in the message of the government cyber fraud cases are on the rise in India, with people ‘losing lakhs’ to ‘sophisticated’ fraud schemes.

The Indians lost Fr ₹120.3 crore in “digital arrest” fraud in the first quarter of this year, according to government data.

It is noted that the Department of Telecommunications (DoT) launched its “International Inbound Spoof Call Prevention System” last month. The two-phase system will detect and block spam international calls that falsely display Indian numbers, thus targeting a “key element” of some fraud schemes.