As part of its cyber security efforts, State Bank of India (SBI) has issued security guidelines for users on the issue of instant loan app. The bank cautioned customers against instant loan apps, asking them to avoid clicking on suspicious links or providing information to companies posing as banks or financial companies.
Some of the safety tips highlighted by the bank include:
1. Before downloading any app, check its authenticity.
2. Do not click on suspicious links.
3. Avoid using unauthorized apps that can steal your data.
4. Check app permission settings to prevent your data from being stolen.
5. Report suspicious money lending apps to local police authorities.
The financial services company has also asked users to report cybercrime on the National Cybercrime Reporting Portal.
Earlier too, SBI had come up with ways to protect users from fraudsters by adding an extra layer of security to online accounts. It highlighted the importance of multi-factor authentication for users to secure their account with a strong password and then add
A multi-layer security using the following –
1. Biometrics, including face lock and fingerprint
2. Email One-Time Password (OTP)
3. SMS OTP
4. Security question
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