Beware! Scammers are misusing SBI's name for fake investment opportunities
What's the story
India's largest lender, State Bank of India (SBI), has issued a warning over unauthorized advertisements promising stock market tips and investment advice in its name. The bank revealed that scammers are spreading messages on different online platforms, pretending to provide investment tips. In a video shared on X, SBI said these "unauthorized entities and individuals" are falsely claiming to offer stock market tips or privileged financial information under the pretense of being associated with SBI.
Scam tactics
Scammers use SBI's name and logo for deception
The scammers have been creating fake profiles using SBI's name and logo, posting false advertisements that promise unrealistic returns. Some of these ads invite people to join their WhatsApp groups for stock market tips in exchange for high investment returns. "Some of the advertisements include messages such as: Now is a chance, join my WhatsApp group for free. In just seven days, double your assets," SBI said in its warning.
Official statement
Bank's stance on stock market tips
SBI has clarified that all claims made by these scammers are completely false. The bank emphasized that it does not provide any such stock market tips or run schemes promising unrealistically high returns. "SBI does not offer any such stock market tips or run schemes that promise unrealistically high returns, nor do we authorize any person or entity to do so on our behalf," the bank said in its statement.
Public advisory
SBI advises public to verify communications
In light of these scams, SBI has advised the public to be cautious and not act on such unauthorized and misleading advertisements. The bank has asked customers and the general public to verify any communication from SBI by contacting their nearest branch or visiting its official website. Further, it has also suggested reporting suspicious messages to the SBI for necessary action.