Home >Money >Personal Finance >SBI warns its account holders: Beware of QR code fraud

The country's top lender State Bank of India (SBI) has warned its customers about the QR scans. SBI has alerted people not to scan QR Codes shared by anyone unless the objective is to pay.

Online transactions have become a necessity in Covid-19 pandemic times. However, one must be extremely cautious while carrying out the transactions online. Technology has not only made our life easier but also for the cyber fraudsters,

QR codes have become an increasingly popular modus operandi for them to cheat people. With more and more people moving to online transactions, fraud related to the same too has been on the rise.

"You don’t receive money when you scan a QR code. All you get is a message that your bank account is debited for an ‘X’ amount. Do not scan #QRCodes shared by anyone unless the objective is to pay. Stay alert," SBI has tweeted.

SBI has shared a two and a half minute video explaining a situation on how scanning a QR code will actually result in debiting money from your bank account. Check out this video here.

Also, one should remember that QR codes need to be scanned only to make payments and not receive money.

How does QR code fraud take place?

The scam starts with someone putting an item on an online sale website. That’s when the fraudsters pose as buyers and share the QR code to pay an advance or token amount. They then create a QR code and share it with the intended victim through WhatsApp or email. They will ask the victim to scan the QR code sent by them so that they will receive the money directly into their bank accounts. Believing them, the victims scan QR codes sent by the fraudsters presuming that they will receive the money in their account but they end up losing money.

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