SBI cautions customers against instant loan applications | Rare Techy

New Delhi: The country’s largest lender, State Bank of India (SBI) has warned consumers against instant loan applications and even suggested measures to protect against the risk.

“Please avoid clicking on suspicious links or giving your information to a company posing as a Bank or Financial Company. Report cybercrime at cybercrime.gov.in,” the bank tweeted.

Instant loan applications, especially those from China, are a threat as the government, as well as the Reserve Bank of India (RBI), have received many complaints against them.

Their proliferation has led to an increase in cybercrime cases and also the exploitation of hapless borrowers.

Sharing some security tips, SBI suggested that it is always better to check the authenticity of the application before downloading.

There are many illegal applications that may trick users and withdraw money from their accounts.

Consumers should click on suspicious links and exercise discretion to avoid being exposed to unauthorized apps, SBI said.

Check the app’s permission settings to protect your data from theft and in case of theft, such matters should be reported to the local police authorities, the bank further warned.