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.
 

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

Travel Fraud
Any dishonest strategy or unscrupulous technique intended to fool people into making travel plans or reservations is referred to as a travel scam. From the preliminary preparation stages to the actual trip, these frauds can take many shapes and target travellers at different points in their journey. 

Most Common Types of Travel Scam:
-    Fake Travel Agent Sites/ Hotel
-    Airport Scams
-    Phony Vacation Rentals

How to check the legitimacy of travel companies?
-    Search for a physical address and phone number. 
-    Check for ratings and reviews on the internet.
-    Check affiliations in travel associations and credentials.
-    Verify any relevant licence and accreditation.

How to Avoid Travel Fraud?
-    Offers that look too good to be true should be avoided. 
-    Website URLs should be double checked for validity. 
-    Bookings should not be made through unreliable or unknown platforms. 
-    Examine the standing and credibility of travel agencies
-    Keep an eye out for warning signs like misspellings or odd payment requests
-    Check reliability of the travel companies. 
-    Rely on reputable booking websites.
-    Utilise safe payment options, such as credit cards.
-    Stay clear of unsolicited offers. 
-     Keep yourself and others familiar about typical frauds.

Travellers who fall victim to travel scams may suffer inconvenience, disappointment, and financial losses. People should use caution when making vacation plans, properly investigate businesses and offers, utilise secure payment methods, and keep an eye out for any indications of fraudulent behaviour to protect themselves.

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

For Further Support:  Take Five to Stop Fraud

What is Take Five?
Take Five is a national campaign offering straight forward, impartial advice that helps prevent email, phone and online fraud. The national campaign focuses on criminals who impersonate trusted organisations and gives you tools to help fight fraud. 
Find out more about Take Five :  www.takefive-stopfraud.org.uk

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!

Terms and Conditions for Strike to pose with SBI UK Competition 2024

1. The promoter is State Bank of India (UK) Limited (SBIUK) (BANK) (company no. 10436460.)] 
whose registered office is at 15 King Street, London, United Kingdom, EC2V 8EA.
2. The competition is open to residents of the United Kingdom except for employees of State 
Bank of India (UK) Limited or State Bank of India London Branch and their close relatives and 
anyone otherwise connected with the organisation or judging of the competition.
3. The competition is ‘For a chance to win’ there is no entry fee or purchase necessary to enter 
this competition
4. By entering this competition, an entrant indicates their agreement to be bound by these terms 
and conditions.
5. The route to entry for the competition and details of how to enter are via SBIUK social media 
accounts with Twitter, Instagram and Facebook.
6. Only one entry will be accepted per person in this competition. Multiple entries from the same 
person in the whole competition will be disqualified and void.
7. The competition will be run in the following period: 5th August 2024 – 8th September 2024. 
8. The opening day for each week will be 8 am Monday, with Sunday midnight being the closing 
day. SBIUK takes no responsibility for entries not received for whatever reason.
Entering the Competition:
9. In entering the competition, participants must spot SBI UK’s promotion at 24-36 Regent Street 
Saint James’s, Piccadilly circus Hint: Digital screen outside Lillywhites and take a picture of 
them with the promotion in the background.
10. Participants must upload it on their Twitter, Instagram or Facebook with hashtags
#capturesbiuk and #selfiewithsbiuk
11. Participants must follow and tag the bank’s social media (SBIUK) handle on their social media 
posts (Twitter, Instagram, or Facebook)
Rules of the Competition:
12. The promoter reserves the right to cancel or amend the competition and these terms and 
conditions without notice in the event of a catastrophe, war, civil or military disturbance, act 
of God, or any actual or anticipated breach of any applicable law or regulation or any other 
event outside of the promoter’s control. Any changes to the competition will be notified to 
our social media accounts and website as soon as possible.
13. One (gift) will be allocated to the winner as a prize for this promotion. 
14. The prize is as stated; no cash or other alternatives will be offered. The prizes are not 
transferable. 
15. One winner will be chosen by a panel of judges selected by SBIUK each week for a period of 5 
weeks giving a total of 5 winners.
16. The winner will be notified through a comment by SBI UK (social media account) on their 
social media post/entry within three (3) working days of the closing date. The promoter’s
social media accounts will only ever contact the winner. The promoter will ask for an email 
address from the winner through private messages on social media. The promoter will then 
deliver the prize to an email address provided by the winner through our official competition’s 
email address on point 23 below. 
17. If the winner cannot be contacted or does not claim the prize within fourteen (14) days of 
notification, we reserve the right to withdraw the prize from the winner and pick a 
replacement winner.
18. The promoter’s decision in respect of all matters to do with the competition will be final, and 
no correspondence will be entered into.
19. By entering this competition, an entrant indicates his/her agreement to be bound by these 
terms and conditions.
20. The competition and these terms and conditions will be governed by English law, and any 
disputes will be subject to the exclusive jurisdiction of the courts of England.
21. The winner agrees to use their name and image in any publicity material, as well as their entry. 
Any personal data relating to the winner, or any other entrants will be used solely per current 
[UK] data protection legislation and will not be disclosed to a third party without the entrant’s 
prior consent.
22. Please send queries related to the competition to Competitions.sbiuk@statebank.com.
23. Accepting these terms and conditions will be considered entry into the competition.
24. This promotion is not sponsored, endorsed, administered by, or associated with Facebook, 
Twitter, and Instagram or any other Social Network or Lillywhites. You are providing your 
information to SBIUK and not to any other party. The information provided will be used in 
conjunction with the SBIUK Privacy Policy found at https://sbiuk.statebank/privacy-policy.

Protect Yourself from Money Mule Scams

Your financial security is our top priority at State Bank of India (UK) Limited (SBIUK). We want to inform you of a growing threat in online fraud: “Money Mule Scams”. Understanding this risk and how to protect yourself is crucial to safeguarding your finances and personal information.

What is a Money Mule?

“Money Mules” are individuals who move or transfer proceeds of crime on behalf of, or at the direction of, another. It is not necessary for them to be involved in the underlying criminal conduct, nor is their activity limited to cash. Money mules are usually recruited by “mule herders” and organised crime groups who are known to target young people (usually aged 17–34 years) through a variety of means and can include an international element. Mule herders also target younger children and older adults, who may be vulnerable to targeted grooming.

How Are Money Mules Recruited?

Money mules can be recruited through various means:

- Job Advertisements: Scammers often post fake job ads for "payment processing" or "money transfer agents."

- Social media and Email: Unsolicited messages offering easy money for minimal work can be tempting but are usually fraudulent.

- Online Marketplaces: Fraudsters may pose as buyers or sellers and request to use your bank account for transactions.

The Consequences of Being a Money Mule

Participating in money mule activities, whether knowingly or unknowingly, can have serious repercussions:

- Legal Penalties: Engaging in these activities is illegal and can result in severe fines or even imprisonment.

- Financial Losses: You may be held responsible for repaying stolen funds and face account closures.

- Damage to Your Credit Score: Your involvement can negatively impact your credit score, making future financial transactions more difficult.

How to Protect Yourself?

1. Be Sceptical of Easy Money Offers: If a job or opportunity sounds too good, it probably is.

2. Verify Job Advertisements: Research the company and verify job offers through the company's official channels.

3. Guard Your Personal Information: Never share your bank account details with unknown individuals or entities.

4. Report Suspicious Activity: If you suspect you’ve been targeted by a money mule scheme, contact SBI UK immediately or call Action Fraud on 0300 123 2040.

SBI UK's Commitment to Your Security

We are committed to safeguarding our customers against fraud. SBI UK continuously monitors for suspicious activities and offers resources to help you identify and avoid scams. If you have any concerns or need assistance, our customer service team is here to help.

Contact Us

If you think you have been asked to act as a money mule or have any questions about the security of your account, please contact us at customerservices.sbiuk@statebank.com or visit your nearest SBI UK branch.

Stay informed and stay vigilant, and we can prevent financial fraud together.

‘’Source - https://www.cps.gov.uk/legal-guidance/money-laundering-offences’’

What is an APP?
APP stands for Authorized Push Payment (APP), a transaction in which you, as the payer, authorise a payment directly to another individual or organization. 
“So, how is APP considered a fraudulent activity? How am I a part of a fraud?”
During an APP fraud, criminals manipulate and trick their victims (who could be you) into making payments or sharing personal details. This scam is called ‘authorised’ because the victim voluntarily transfers money from their bank account into the fraudster’s bank account.  
Ways you can be trapped in APP fraud:
•    Fraudsters can impersonate a bank staff to get the victim to transfer funds to a different account. These fraud attempts can be via a text, a telephone conversation, or an email claiming to be from your bank. 
•    Fraudsters also pose as well-known legitimate businesses or government bodies in order to win a victim’s trust.
Key Tips for Staying Safe:
•    Verify the payment details before authorising a transaction.
•    Be cautious of any unexpected or unsolicited requests for payment.
•    If unsure, always contact the payee through a trusted method to confirm payment details.
•    Avoid sharing sensitive payment information via unsecured methods (email, phone, etc.).
If you have any further questions or concerns, please don’t hesitate to reach out at,
customerservices.sbiuk@statebank.com
0800 532 532 
or at your nearest branch