'Earn 30% monthly': SBI warns how fraudsters can lure you with tempting offers and what you should do

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Key takeaways

State Bank of India issued a warning against get-rich-quick investment schemes promising 30% monthly returns.
Fraudsters often use high-pressure tactics, UPI or crypto transfers, and unknown influencers to lure victims.
Investors are advised to consult only SEBI-registered advisers and report scams to the national cyber crime helpline.

SBI warns against fraudulent investment schemes

Making quick money is always exciting and tempting for many of us! With the advent of new forms of technology, you may come across tempting money-making offers through many channels. Such offers lure you to trap into fake schemes, where you may end up losing your hard-earned money. State Bank of India (SBI) has warned people against such investment claims.

SBI has cautioned people against falling for get-rich-quick offers as part of National Cyber Security Month Special Campaign 6.0. The bank has urged investors to verify before investing. SBI in a social media post on X writes, “Earn 30% monthly!” - If it sounds too good to be true, it definitely is! Fraudsters lure victims with fake investment schemes and steal hard-earned money. Don’t fall for quick-rich traps. Verify before investing. Choose trusted financial channels.

Common signs of investment fraud

As per the SBI post, here are the common signs of investment fraud and steps people can take to protect their savings. Be cautious of schemes that promise unusually high returns with no risk. Fraudsters usually pressurise to invest quickly and to transfer via UPI / crypto / gift cards, etc, not giving enough time to think and react for customers.

Fraudsters push the scheme through unknown influencers and fake testimonial schemes by promoting through unfamiliar social media accounts and influencers. Scammers usually request for personal/financial details via insecure links.

How to protect yourself from fake investment schemes

SBI has advised investors to take a few precautions before putting money into any investment. Take investment advice only from SEBI-registered investment advisers. If you want information about an SBI scheme, visit the bank's official website at sbi.bank.in or contact your nearest branch.

Avoid clicking on unknown links received through messages, emails or social media. Never share personal or financial details through unverified links. Here are some red flags in messages: Urgent deadlines with an intention to create panic, suspicious URLs not on official domains, 10-digit mobile numbers instead of official toll-free numbers, and generic senders.

Where to report cyber financial fraud

If you come across a suspicious investment offer or fall victim to an online financial scam, report it promptly. You can call the National Cyber Crime Helpline at 1930 or register a complaint through the official website.

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