SBI Issues Urgent Alert: Pensioners Being Tricked Into Sharing OTPs By Fake Officials

The State Bank of India (SBI) has issued a fresh warning to pensioners and individuals nearing retirement, urging them to stay alert against a rising wave of financial scams. According to the bank, fraudsters are increasingly posing as bank or treasury officials and attempting to deceive pensioners into sharing sensitive information such as OTPs, PINs, and internet banking credentials. These scams, the bank says, are designed to give criminals complete control of a victim’s bank account.

Fraudsters Exploit Pension-Related Concerns

In a recent advisory shared on X, SBI noted that scammers often contact pensioners claiming to assist with the faster processing or verification of their pension. They may send a link and instruct the individual to complete a “verification” process. According to the bank, the link is actually a trigger for a mobile number change request, which the pensioner is tricked into approving through an SBI ATM.

Once the victim verifies the request, the fraudster replaces the registered mobile number with their own. This allows the criminal to intercept OTPs and SMS alerts, effectively locking the real account holder out of their own banking notifications.

How the Scheme Works

SBI explains that scammers employ a convincing method to gain the trust of pensioners. They may claim that a Pension Payment Order (PPO) verification is pending or that a cheque has been delayed. At the same time, they attempt to log into the victim’s internet banking account and then request the OTP that arrives on the pensioner’s phone. If the OTP is shared, the fraudster can initiate a mobile number change through the IRATA (Internet Banking Request Approval Through ATM) process.

A video posted by SBI on social media demonstrates how fraudsters guide victims to approve this request at an ATM under the guise of pension verification.

Why This Scam Is Especially Dangerous

Experts caution that once the registered mobile number is changed, the victim becomes unaware of all transactions taking place. With full access to OTPs, the fraudster can move funds out of the account without the pensioner noticing, putting retirement savings at serious risk.

SBI’s Safety Advisory for Pensioners

The bank has urged pensioners not to share personal or financial details—especially OTPs—over phone calls, messages, or links. SBI also advises customers to read SMS alerts carefully and to immediately report any mobile number change requests they did not initiate. Genuine calls from SBI, the bank clarified, originate from numbers beginning with +91-1600.

Disclaimer: This article is intended for informational purposes only and should not be considered financial advice. Readers are encouraged to exercise caution and verify all banking communication directly with official sources.