Scam alert for pensioners: SBI warns how fraudsters can wipe off retiring individuals’ savings

For most pensioners and retiring individuals, pension is the only monetary source for their livelihood. But if you are one of them and receive a call to share your OTP for the faster processing of your pension, beware of such people. It can potentially be a scammer, aiming to wipe off savings from your bank account, State Bank of India (SBI) warns in a social post on X (formerly Twitter).

SBI has advised many such retiring individuals and pensioners to stay cautious of scams where fraudsters are posing as treasury or bank officials, tricking people to share sensitive information such as internet banking credentials, ATM card details and mobile OTP and wiping off money from their bank account.
In a message on X, SBI posted, “Fraudsters are generally targeting retiring individuals and pensioners by posing as treasury/bank officials and tricking them into sharing sensitive details. Their goal? To change your registered mobile number and gain full control of your account.”

How fraudster trick pensioners, retiring individual, SBI reveals

The PSU bank says that on the pretext of the faster processing of pension, the fraudster shares an online link with the pensioner. The link is a request to generate a mobile number change request. However, the fraudster misguides the pensioner telling that the request generated is for the verification of his Pension Payment Order (PPO) number. Once the pensioner verifies this request through the ATM, the fraudster changes his phone number and takes full control of the pensioner’s bank account.

Along with the text, SBI has also posted a video in the tweet, telling pensioners and retiring individuals how fraudsters can trick them to deplete their bank account and what they should do to stay away from such scams.

What does the video posted on SBI’s Twitter account say?

The video warns that fraudsters are targeting pensioners and retiring individuals by impersonating bank or treasury officials. They may ask you to share your internet banking credentials or ATM card details through a fake link. At the same time, they attempt to log in to your internet banking and request the OTP that you get on your mobile number.

Once they gain access to your bank account, they initiate a mobile number change request and choose verification through an SBI ATM. They then provide an IRATA reference number and convince you to visit any SBI ATM to “verify” your Pension Payment Order (PPO).

In reality, this verification is a scam to transfer control of your mobile number to a fraudster, giving them full access to your account.

Note that the verification is for changing a pensioner’s mobile number. Once verified, they have the complete control of your bank account and can wipe out your savings anytime.

Fraudsters’ modus operandi is to convince victims that their pension processing or verification, e.g., a Pension Payment Order (PPO) cheque is pending or has been delayed, then they coax them into sharing personal or banking details.

Once the fraudster gets hold of the victim’s details, they attempt to change the registered mobile number linked to the victim’s bank account, enabling them to intercept SMS alerts, OTPs, and ultimately gain control of their account.

How can this fraud be dangerous for pensioners?

The moment the fraudster succeeds in changing the registered mobile number of an individual, all alerts and OTPs go to them, and the real account holder remains unaware, giving scammers a free run at transactions done from the account.

What SBI has urged pensioners to do

In its message, SBI has advised pensioners to not to share login credentials, card PINs, OTPs, or any personal/financial information over phone calls, emails, SMS, or links even if the caller claims to be from your bank.
Read your SMS and email alerts carefully, the message reads
If you receive a notification about a number change request that you didn’t initiate, consider it a red flag and call the cyber crime police.
Legitimate banking calls from SBI come from numbers starting with +91-1600, the bank says in its message on X
If you’re contacted from any other number claiming to be from the bank, treat it with suspicion, SBI says