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SBI warns customers about instant loan apps

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The country’s largest lender, National Bank of India (SBI) has warned customers about instant loan apps and even suggested measures to protect against the threat.



Please do not click on suspicious links or give your information to a company posing as one Bank or financial company. Report cybercrime at cybercrime.gov.in,” the bank tweeted.

Instant lending apps, especially those from China, posed a threat to both the government and the United States Reserve Bank of India (RBI), have received several complaints against them.

Their proliferation has led to more cases of cybercrime and also extortion from hapless borrowers.

The SBI shared some safety tips and suggested that it’s always better to check the authenticity of an app before downloading it.

There are many illegal apps that can trick users into siphoning money from their accounts.

Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorized apps, the SBI said.

Check the app’s permission settings to prevent your data from being stolen and in case of theft, such matters should be reported to local police authorities, the bank further warned.

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