SBI Warning: Investing is crucial to handle future financial challenges and meet various needs. Today, even an average person has many investment options, from bank FDs to mutual funds and from PPFs to the stock market. An individual can invest anywhere based on their capacity and needs. However, the rise in cyber fraud cases in the country has disturbed not only the common people but also the government. In this regard, India’s largest government bank, SBI, has issued a warning to its customers.

What has the State Bank of India said in its warning?

State Bank of India has issued a warning through its official X handle. SBI stated, “State Bank of India cautions all its customers and the general public that deepfake videos of its top management are being circulated on social media, claiming to launch or endorse certain investment schemes. These videos attempt to advise people to invest their money in such schemes through technical tools. We clarify that SBI or any of its officials do not offer or endorse any investment scheme that promises unrealistic or abnormally high returns. Therefore, the public is cautioned against engaging with and falling prey to such deepfake videos circulating on social media.”

AI is being used extensively for cyber fraud

The use of AI is increasing globally, though gradually. On the other hand, cybercriminals are also using AI extensively to carry out cyber fraud. The government is working to prevent such cyber fraud, and several efforts are being made to combat it.

However, individuals must also stay cautious. Falling for offers of huge returns could result in losing your hard-earned money.