Nowadays, the use of digital payments in day-to-day transactions is increasing rapidly and with it, cyber fraudsters are also adopting new ways to trick credit card users. Keeping this risk in mind, SBI Card has warned its customers about several common online fraud methods. These include fake refund messages, lures to redeem reward points, false offers such as credit limit increases and reactivation of closed cards.
The warning comes at a time when India’s digital payments market is growing at a record pace. According to PwC’s Indian Payments Handbook 2025-2030 report, the number of digital transactions in the country will reach 617 billion by FY 2030, with a total value of Rs 907 lakh crore. During this period, the number of active credit cards in the country is also expected to increase to around 21 crore.
Fake offers and identity fraud
According to SBI Card, fraudsters often try to get confidential details from people by posing as bank officers, customer care representatives or financial advisors. These fraudsters sometimes make greedy offers to upgrade the card or increase the credit limit and sometimes scare them by saying that your card is blocked and needs to be activated immediately.
Suspicious links are often sent along with such messages or calls, clicking on which can steal the card number, CVV, password or OTP. In addition, people are being duped by sending fake refund notifications, which falsely claim that money has arrived in the account, asking the person to complete the transaction immediately. The company advises to always confirm any refund or payment through the official banking app or website.
Customer vigilance is paramount
Talking about the growing cyber threats, SBI Card MD and CEO Salila Pandey said that customer security and winning their trust is the company’s top priority. He emphasized that consumer awareness is equally important along with new technology to prevent financial fraud. He appealed to people to be cautious, do thorough checks before doing any transaction and keep their personal information safe.
Simple tips to protect yourself
- To avoid fraud, SBI Card has asked customers to take some important precautions-
- Do not click on any unknown link on WhatsApp, SMS, email or social media.
- Always download mobile apps only from official platforms like Google Play Store or Apple App Store and do not screen-share on the request of any unknown person.
- Do not share your PIN, OTP, CVV or password with anyone, even if the other person identifies himself as a bank employee.
- Keep transaction alert on, check your statements periodically and block the card immediately if you notice any suspicious activity and file a complaint on the cybercrime portal.
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