PURCHASE SCAMS
As an online buyer, it is your responsibility to be vigilant and aware of the tricks used by fraudsters to engage in online shopping scams.  These fraudsters make a false representation with the purpose of not providing the product or service, knowing that their representation is misleading to steal somebody’s money.
What Can you do to protect yourself?
1.    Explore websites to determine fair or competitive prices for similar goods in the same condition.
2.    Ensure the website you're purchasing from is genuine by typing the address directly and verifying the spelling to avoid fake or copycat sites.
3.    Be cautious of offers that seem too good to be true, as they may be fake.
4.    Check the seller or buyer's selling history and look for suspicious patterns, such as recently created accounts with numerous similar positive reviews.
5.    If no recommended payment method is available, prefer using credit cards or reputable third-party payment providers over direct bank transfers.
6.    Regularly monitor your bank statements or online accounts for any unauthorised transactions.
Useful sites
Action Fraud
The UK’s national fraud and cyber-crime reporting centre.  Providing a central point of contact for information about fraud and cyber-crime. Call 0300 123 2040.
(Source- Metropolitan Police)
STAY ALERT, STAY SAFE!
If you need support, contact us at 0800 532 532 or email us at customerservices.sbiuk@statebank.com

Cryptocurrency scams

What is Cryptocurrency?
The first part of the word, ‘crypto’, means ‘hidden’ or ‘secret’ reflecting the secure technology used to record who owns what, and for making payments between users.
The second part of the word, ‘currency,’ tells us the reason cryptocurrencies were designed in the first place: a type of electronic cash.
(Source: Bank of England)
What is a Cryptocurrency Scam?
It is a type of Investment scam, where scammers propose fake, but compelling opportunities to people who want to invest and make a profit in the world of digital currency. These scammers will contact people with the intention of stealing their money. 

How to spot cryptocurrency scam:
-    The scammer, through an advert or direct contact with you, promises you guaranteed easy, fast and high returns.
-    They might ask you to move money from your bank account into an account or cryptocurrency wallet they control or suggest to you. 
-    They convince you to share full access to your account. 
-    Scammers could pretend to be or impersonate a ‘celebrity’ or ‘Influencer’ or a representative from a well-known company, such as, for example, Amazon, Microsoft, SBI, other banks and/or services, etc.  
-    Scammers may send you a link or a QR code to download a fake app or download remote access software. Fake apps can look and seem convincing and can sometimes impersonate other apps, especially cryptocurrency apps such as Coinbase, OneKey, imToken, etc. 
You should never:
-    Accept uninvited/invited investment offers without doing due diligence.
-    Click on links in an unexpected text, email, or social media message. 
-    Let someone else set up a cryptocurrency wallet in your name or on your behalf. No one else should upload ID documents or manage investments on your behalf.
-    Do not download apps suggested to you by clicking on any link or other means. Instead, go to the App store or Play store and download it from there to minimise the chances of downloading a fake app. 
-    Do not take investment advice from social media accounts. If you need or would like investment advice, please speak to a qualified and experienced professional. 
-    Do not move money from your account on request if you do not know the person requesting it and have not verified their details and identity with them.
-    Never share your account details, including card details, with unknown third parties. 
-    Most offers which seem too good to be true, are too good to be true. Be sceptical of investment offers or suggestions which seem too good to be true. 

-    If someone calls you pretending to be a celebrity, influencer or well-known company and you suspect impersonation, ask them to give you their number and say you will call them back. Verify the details they give you separately – especially for companies. 
-    Always use verified contact details when you contact companies – including Amazon, SBI and other banks. SBI will always give you the details to use to contact us, including phone numbers and an address – you can check these on initial letters we have sent to you during account opening, on YONO SBI UK app, and online on our website.
-    If you need support, contact us at 0800 532 532 or email us at customerservices.sbiuk@statebank.com or contact your nearest branch https://sbiuk.statebank/branch-location

IMPORTANT
-    Cryptocurrency is not protected by the UK’s Financial Services Compensation Schemes (FSCS) because it is not considered a ‘specified investment’ under the UK regulatory regime. This means that if you fall victim to a cryptocurrency scam, you may not be able to claim compensation for the loss. 

FCA warns consumers of the risks of investments advertising high returns based on cryptoassests

Note: SBI (UK) Ltd does not offer Crypto products.
 

Romance Fraud
In romantic frauds, victims are tricked into giving money to scammers who go to tremendous measures to win their confidence and pretend to be in a real relationship. They deceive, convince, and take advantage of others using language so that pleas for money do not raise red flags. Some of these requests—such as when offenders say they need money for emergency medical attention or to cover the cost of transportation to see the victim if they are abroad—may be quite sentimental. Over time, scammers frequently establish a rapport with their victims.

Warning signs that a friend or relative is a potential victim of a romance scam:
-    They could be exceedingly cautious about their partnership or offer justifications for why their virtual partner hasn't made a video call or seen them in person.
-    Asking them any questions about their spouse could make them unpleasant or upset, and they might stop talking.
-    They could show intense feelings of devotion and passion to someone they've just recently met.
-    They have transferred or intend to transfer funds to an individual they haven't personally met. To transmit money, they could take out loans or take a pension withdrawal.

How people can avoid falling into romance scams:
-    Any requests for money from someone you have never met in person should raise suspicions, especially if you have only recently connected online.
-    Consult with your loved ones or friends for guidance.
-    Investigate first; profile pictures might not be real. You can locate images that were captured by someone else by using a search engine's reverse image search. 
-    Verify the legitimacy of individuals through online searches, including their name, frequently used terms, and profile picture. 
-    Report suspicions to platforms or authorities. 
-    Educate oneself and loved ones about common scam tactics. 
-    Encourage open communication and reporting of suspicious activities.
Do not:
-    Give them any cash you have.
-    Permit them to get into your bank account.
-    Send money in their place.
-    Get a loan approved for them.
-    Give copies of your identification documents, such as your driver's licence or passport.
-    Invest your own funds on their recommendation or on their behalf.
-    Obtain and distribute the codes on Amazon or iTunes gift cards.
-    Agree to accept and/or ship packages (such as computers and cell phones) on their behalf.

Being aware of romance fraud tactics, prioritizing caution, and maintaining open communication are essential in protecting oneself and loved ones from falling victim to online scams.

                                                                                                              Source – actionfraud.police.uk

STAY ALERT, STAY SAFE!
If you need support, contact us at 0800 532 532 or email us at customerservices.sbiuk@statebank.com

Phishing Emails or Letters.

Phishing' is when criminals use scam emails, text messages or phone calls to trick their victims. The aim is often to make you visit a website, which may download a virus onto your computer, or steal bank details or other personal information. 
(Source: National Cyber Security Centre)    

We have been informed that a few of our customers are receiving phishing emails/letters from scammers pretending to be from SBI UK.
We take information security very seriously and ask that you also be vigilant in order to prevent fraud and to help protect our common interests.
 
 How to Spot a Phishing email
•    Phishing emails tend to ask for urgent payments.
•    Look out whether the email address is correctly spelt, cyber criminals tend to use similar email addresses to trick you. Ensure the domain is trustworthy.  
•    Phishing emails often look different to the official emails sent by the organisations.
•    Beware of the unusual attachments sent with the email, it could likely be an attempt to trick you to click on a link that will download malware. 

Derived from ‘malicious software’, malware is any kind of software that can damage computer systems, networks, or devices. 
(Source: National Cyber Security Centre).

•    If you spot any of these, don’t reply, just delete the email.
 
Remember SBI UK will never,
•    Request for sensitive information such as passwords or OTP (One Time Password).
•    Ask for any upfront payment of charges.
•    Send a link to make a payment¬.
 
How to Report Suspicious Messages:
If you’ve received a text or an email that you believe is suspicious, to check the authenticity of the letter, please contact your nearest SBI UK branch or write to us at  customerservices.sbiuk@statebank.com.

Stay informed about common phishing techniques and tactics. Knowing what to look for can help you recognize and avoid threats!