The country’s oldest bank, State Bank of India (SBI) has informed the customers against instant loan apps and even suggested measures in order to safeguard against these activities.
SBI tweeted “Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial Company. Report cybercrimes at cybercrime.gov.in”
Several complaints have been registered with the government as well as the Reserve Bank of India (RBI), against the instant loan apps, especially those originating from China.
Their escalation has led to increased cases of cybercrime and also extortion of unlucky borrowers.
It is always better to check the authenticity of an app before downloading, SBI suggested.
Customers should not click on untrusted links and must avoid installing unauthorized applications, the SBI stated.
Customers should always check for the Application Permission Setting in order to secure your data and if there is a case where your data is being stolen one must report to the local police authorities immediately, the bank alerted further.