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HomeOnline FraudYONO App: Another Lead to Online Banking Scam

YONO App: Another Lead to Online Banking Scam

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India loses 100 crores, every day to bank fraud as per the RBI in the past seven years. The YONO app introduced by the State Bank of India has now been counted as a scammer in the world of banks. Starting from the fraud that happened in Kerala where people were getting spurious messages about their bank accounts being blocked. To a robbery of 2 Lakh when a woman logged into the Online YONO app. SBI has encountered major online fraud after the pandemic when people started transacting through online apps.

How does the fraudster access your YONO App?

Fraud no.1

You often get a message about sharing the details of your Adhar card, Pan Card or the front page of your passbook which contains details of the bank account number, IFSC, branch name etc. Now a fraudster will make an account using your details and add his/her number on the YONO App. Through this, they will be able to make transactions as OTP will come on their number.

Consequences

Whenever the fraud will be registered in the cyber cell, Police will find guilty the person on whose name the account is made. Unfortunately, the person has no clue about the existence of their online bank account. In this way, heavy amounts are debited from the account within the blink of an eye.

Fraud no.2

According to the victims, after logging in to the YONO SBI App, users get a message to get the KYC of their bank account. Otherwise, their account will get blocked and to lead the process of the KYC, click on the link given.

Consequences

After clicking on the malicious link, you will be a victim of phishing. State Bank of India, itself shared about the fraud. According to SBI, fraud is proliferating around the country and users should remain careful. The fraudsters have been targeting the age group of 25 to 29 mostly.

Prevention Taken by SBI

After hearing about the problems, SBI added a SIM Binding system for enhancement of the app security. Through this, the user can only login into the app through the number which is linked with the account. Majorly, fraudsters are using mobile numbers as an asset to scam around the app.

SBI has also released an advisory for not sharing OTP, details of Pan Card, Adhar Card, ATM number and passbook details.

 

 

 

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