Fraud alert! SBI warns of scammers using its name to lure investors with stock tips — How to avoid it?
SBI alerts the public about unauthorized ads falsely offering stock market tips under its name. The bank clarifies it does not provide such advice and advises customers to verify any communications and report fraudulent messages to the appropriate authorities.
India's biggest lender, the State Bank of India (SBI), has warned the public about unauthorised advertisements claiming to offer stock market tips and investment advice using its name.
In a detailed video shared on the social media platform X, SBI informed that scammers share messages on various online platforms claiming to offer investment tips.
“Certain unauthorised entities and individuals are circulating sponsored advertisements and messages, particularly via social media platforms and online channels, falsely claiming to offer stock market tips, investment advice or privileged financial information, under the guise of association with State Bank of India (SBI),” the bank stated.
How does the scam work?
Scammers create fake profiles with the name and logo of SBI, share false advertisements promising unrealistic returns.
Certain advertisements encourage the public to join their WhatsApp groups for stock market tips to earn high investment returns.
They typically invite netizens, as well as the public at large, to join their WhatsApp groups for stock market recommendations and also promise unrealistic returns on investments. “Some of the advertisements include messages such as: Now is a chance, join my WhatsApp group for free. In just 7 days, double your assets,” SBI said.
The bank clarified that all such claims are completely false, adding, “SBI does not offer any such stock market tips or run schemes that promise unrealistically high returns, nor do we authorise any person or entity to do so on our behalf.”
How to avoid this scam?
SBI asked all the customers and the general public to be vigilant and not act upon such unauthorised and misleading advertisements.
Upon receiving any message from SBI, verify the communication by contacting the nearest SBI branch or visiting the official website — https://bank.sbi.
Additionally, report such suspicious and misleading messages to SBI and other relevant authorities for necessary action.
SBI has advised the public to deal with only officially approved entities and rely on information from verified and official sources.
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