SBI Savings Bank Account (FD Scam Explained)

[swatkats]

Incidents of reported bank frauds and online scams are increasing with every passing day, their techniques getting more sophisticated, leaving the common man and supposed security levels, more vulnerable than ever.


With the ongoing government bank mergers and the current financial year coming to an end, there are complaints regarding connection error in bank servers while transactions, especially on the Internet banking and the UPI fronts.

This Is How I was Almost Robbed Off My SBI Savings Bank Account (FD Scam Explained)

This Is How I was Almost Robbed Off My SBI Savings Bank Account (FD Scam Explained) Incidents of reported bank frauds and online scams are increasing with every passing day, their techniques getting more sophisticated, leaving the common man and supp

trak.in

 

[ibose]

Well, the case seems sketchy and explains nothing. Why would they create a FD in her name ? The only way her account could get hacked is if she was not careful - using a public / unsecure wifi, cybercafe to transact, guessable password etc.

 

[letmein]

Probably done by the bank staff themselves to meet quarter/ financial year end targets.

 

[iPwnz]

there are complaints regarding connection error in bank servers while transactions, especially on the Internet banking and the UPI fronts.

This is legit case. The other day (this month) we tried to pay our electricity bill online via SBI account. The money was deducted but the electricity company didn't receive the funds/transfer.
I first had to go to the company to personally check and verify (what else was I supposed to do when the money was deducted?) and then the bank to get the refunds.
I don't know if this is an isolated case and just how isolated it is but it was worth 2-3 days of headache.
When these cases get mixed with the false ones things can get very troublesome for the consumer and the bank.

 

[Rockfella]

Probably done by the bank staff themselves to meet quarter/ financial year end targets.

Just read the whole thing and it does sound like what you said.

 

[jinx]

Giving them the benefit of doubt, there maybe unsecured/buggy private API endpoints on SBI website/apps which allowed fraudsters to carry make the conversion.

 

[iPwnz]

Or the fraudsters could've be the engineering team themselves behind the bank's digital services so they know all the backdoors and loopholes??? Jk.