SBI will allow access through Yono only if you do this

Are you a customer of the State Bank of India (SBI)? Then this piece of news is surely important for you. SBI Yono has come up with stricter rules that customers will have to follow from now onwards. Ever since the COVID-19 pandemic came into the picture, there has been an unprecedented rise in online transactions leading to a significant surge in financial fraud.

YONO SBI is levelling up its security features

The new version of SBI Yono is coming up with enhanced security features.

Before logging into the SBI YONO app, account holders will have to keep in mind that they should be able to log in only if they are using the mobile phone number that is registered with the bank. SBI YONO will not allow account holders to make any transaction if they try to log in with a different number.

"Bank Securely with YONO SBI! YONO SBI is levelling up its security features. The new upgrade will allow access to YONO SBI only from the phone which has the mobile number registered with the bank," SBI said in a tweet.

Rise

in financial frauds in Covid times

This comes in the backdrop of customers witnessing several frauds. According to a report by fintech company FIS, there has been a significant surge in financial frauds during the pandemic,

FIS surveyed over 2,000 Indian consumers in both June 2020 and April 2021 to look at how the pandemic has affected consumers’ finances.

The report noted that consumers have become more vulnerable to cyber fraudsters, with 34% of participants reporting financial fraud over the past 12 months. This figure rises to 41% for those in the age group of 25-29 years.

SBI Yono

Yono has helped SBI expand its retail lending and depositor base during the pandemic. The app has seen its user base nearly double to 32 million at the end of December 2020 from 17 million a year ago.