SBI Warns Investors Against Fraudulent Schemes Promising 30% Monthly Returns
New Delhi, October 13 (Udaipur Kiran): The State Bank of India (SBI) has warned investors against fake investment schemes that promise returns of 30% every month. The bank cautioned that cybercriminals use social media, WhatsApp messages, fake websites and fabricated customer reviews to trick people into investing their hard-earned money.
The warning comes as part of SBI’s National Cyber Security Month Special Campaign 6.0. The bank shared the alert on social media platform X on October 12, advising people to verify investment offers before transferring money.
Why Has SBI Issued the Alert?
SBI cautioned that promises of unusually high returns in a short period can be a sign of investment fraud. Scammers often lure people with the prospect of quick profits and persuade them to transfer money without properly checking the scheme.
The bank advised investors to avoid making hurried financial decisions and to use trusted financial channels.
How Do Cybercriminals Trick Investors?
Fraudsters use several methods to gain the trust of potential victims. They may advertise attractive investment opportunities on social media, send offers from unknown phone numbers or direct people to fake websites and investment apps.
Fake customer reviews and fabricated profit screenshots may also be used to make these schemes appear genuine.
In some cases, scammers initially promise high returns and pressure people to invest quickly. They may ask for money through personal bank accounts, UPI or cryptocurrency. After receiving the money, they may stop responding or demand additional payments before allowing withdrawals.
Four Warning Signs of a Fake Investment Scheme
1. Guaranteed and Unusually High Returns
Be cautious if a person or app promises guaranteed profits of 30% every month without risk. Such extraordinary returns cannot normally be guaranteed in market-linked investments.
2. Pressure to Invest Immediately
Messages such as “Invest today”, “The offer ends in a few hours” or “Transfer money now” are designed to prevent people from taking time to verify an offer. Avoid making payments under pressure.
3. Unknown Influencers and Fake Reviews
Do not invest simply because an unfamiliar social media account shares profit screenshots, attractive claims or positive customer reviews. Such material can be fabricated to gain investors’ trust.
4. Requests for Personal Information or Suspicious Links
Avoid clicking unknown links or sharing bank details, one-time passwords (OTPs), passwords or card information. Verify the identity and legitimacy of anyone asking for sensitive information in the name of an investment.
Precautions to Take Before Investing
Investors should verify the legitimacy of the company, app or financial adviser offering an investment opportunity. For investment advice related to the securities market, check the adviser’s SEBI registration through official channels.
However, registration alone does not guarantee profits. Investors should also understand the investment terms, associated risks and conditions before committing money.
Obtain information about banks and financial companies through their official websites. Avoid transferring money to personal bank accounts or trusting links and advertisements shared by unknown people. Read the relevant documents carefully and independently verify any scheme promising unusually high returns.
What to Do If You Become a Victim of Online Investment Fraud
Anyone who has transferred money to a suspected fraudulent scheme should immediately contact their bank or payment service provider.
In India, financial cyber fraud can be reported by calling the 1930 cyber fraud helpline. Complaints can also be filed through the official National Cyber Crime Reporting Portal: https://cybercrime.gov.in/
Prompt reporting may improve the chances of preventing the money from being transferred further, although recovery is not guaranteed.
SBI’s warning highlights the importance of verifying investment opportunities and understanding the risks before investing. An attractive promise of high returns should never replace proper checks.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
