New Delhi: The State Bank of India (SBI) has issued a stern warning to retiring employees and pensioners regarding a rising scam targeting their accounts. According to the bank, fraudsters are increasingly posing as bank or treasury officials to trick pensioners into sharing sensitive information. These scams often involve links or instructions designed to capture OTPs, ATM card details, and internet banking credentials, allowing criminals to gain full access to the victim’s account.
SBI officials said these frauds exploit the trust of pensioners. The bank specifically cautioned against calls or messages claiming to speed up pension processing and advised that no personal banking information should be shared under such circumstances.
How the scam operates
- Fraudsters contact pensioners under the pretext of expediting pension processing and send a link.
- Pensioners are asked to verify their Pension Payment Order (PPO) number via the link.
- Following the instructions—often involving visits to an SBI ATM—the scammer changes the registered mobile number.
- Once the mobile number is updated, OTPs can be intercepted, giving fraudsters full access to the account. This can result in pension and savings being withdrawn without the pensioner’s knowledge.
The bank noted that pensioners often remain unaware of the theft until they review their accounts, highlighting the importance of regular account monitoring.
SBI’s advice to pensioners
- Never share OTPs, card PINs, or banking credentials over phone calls, SMS, emails, or links—even if the caller claims to be an SBI official.
- Verify suspicious calls or messages only through official SBI numbers, which start with +91-1600.
- Report any unauthorized mobile number change attempts immediately to cybercrime authorities or the bank.
- Watch SBI’s educational videos and guides to understand common scam tactics and remain alert.
Risks and potential impact
Once fraudsters gain access to a pensioner’s account, they can redirect pension payments and withdraw the account balance. SBI emphasized that pensioners, particularly those with limited digital monitoring, are highly vulnerable. To mitigate this risk, the bank advised that all account and pension-related communications be verified exclusively through official channels.
Preventive Steps
SBI continues to educate and raise awareness among pensioners. The bank urged all retirees to:
- remain cautious,
- avoid responding to suspicious calls or messages
- ensure that Digital Life Certificates and other banking operations are submitted through secure, official portals only.
- Pensioners should rely solely on SBI’s official website or mobile application and avoid external links or messages.
SBI’s warning is clear: remain vigilant, verify any communication before sharing information, and report suspicious activity immediately. SBI has also suggested that a step-by-step visual guide be prepared to show pensioners how to safely submit a Digital Life Certificate and protect themselves from scams.
