SBI’s QR Code Alert: If You Scan Any QR Code, You Will Lose Money, Not Receive Money


SBI has issued a tweet alerting bank customers to never scan a QR code if they are told they will be credited money when they do so. 

SBI has issued a tweet alerting bank customers to never scan a QR code if they are told they will be credited money when they do so. 

A Need To Be Extra Careful

The pandemic has driven digitisation of financial activities which have moved scores of customers online. 

The online space has now become a breeding ground for fraudsters looking to cash in on the opportunity to fool naïve customers.

SBI has been proactive in sending out frequent SMS alerts on fraudulent practices which intend to loot people.

What The Scam Is

The latest such scam perpetrated by con artists consists of the conman sending QR codes to potential targets asking them to scan the code.

They say that upon successful scanning, the target will receive money. 

SBI has quashed such falsehoods and has said to not fall for such fake claims and to always remain vigilant that QR code scanning only causes money to be debited from one’s account. 

Here is the tweet explaining how it all works. 

The tweet also contains a video which sheds some more light on the specifics of the scam. 

A Real Life Situation The Scam Could Work In

The video plays out a situation in which an SBI customer is looking to sell furniture on an online marketplace. 

A potential buyer, the fraudster in this case, contacts the seller and after settling on a negotiated price, transfers Rs 10 as a test payment. 

The seller receives and acknowledges the same. 

The “buyer” then proceeds to send a QR code and asks the seller to scan the same which would then apparently credit the remainder amount to the seller directly. 

What To Do If You Are Targeted

The seller turns out to be well informed as he has received text alerts from SBI warning him against such malpractices. 

He then promptly rejects the miscreant as he knows that QR codes are used for making payments and not receiving them.

Had he gone through with the code scan, the specified amount would have been debited from his own account and transferred to the fraudster’s. 

The video concludes with SBI sending out a message to the public to “be aware and beware of fraudsters”.

SBI Warns Against SBI Loan Finance Ltd; Issues Alert For This Fraud Loan Company.

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