SBI cautions customers against instant loan apps; check safety tips here

As part of its efforts around cyber safety, the State Bank of India (SBI) has issued safety guidelines for users on the issue of instant loan apps. Cautioning the customers against instant loan apps, the Bank has asked users to refrain from clicking on suspicious links or giving information to a company posing as a Bank or Financial Company.

Some of the safety tips that the Bank has highlighted include:

1. Check authenticity of an app before downloading.
2. Do not click on suspicious links.
3. Avoid using unauthorised apps that might steal your data.
4. Check the app permission settings to secure your data from getting stolen.
5. Report suspicious money lending apps to the local police authorities.

The financial services company has also asked users to report cybercrimes at the National Cyber Crime Reporting Portal.

Earlier too, SBI had pointed out ways to safeguard users from fraudsters by adding an extra layer of protection to online accounts. It had highlighted the importance of multi-factor authentication to secure users' account with a strong password and then add
a multi-layer protection by using the following --

1. Biometrics, which includes face lock and fingerprint
2. Email One-Time Password (OTP)
3. SMS OTP
4. Security question

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