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SBI warns customers about this latest money fraud: What is APK fraud, tips to protect yourself

ECONOMIC TIMES | November 5, 2024 10:40 AM CST

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SBI "rewards" fraud

The Press Information Bureau (PIB) has issued a warning about a viral message inviting people to download an app called 'SBI rewards.' This message has been discovered as part of a scam to defraud users.

PIB explained that the State Bank of India (SBI) does not transmit links or APK files via SMS or WhatsApp to redeem awards, emphasizing the significance of not downloading unfamiliar files or clicking on questionable links.

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What is APK, APK files to avoid fraud

Android ecosystem also allows users to install third party mobile applications and controls on Play Store and also make it possible for hackers to exploit user’s android device by making them install APK or by trojanizing a legitimate application.

SBI posted on social media X: “It is observed that fraudsters are sending APKs and messages over SMS or WhatsApp for redeeming SBI reward points. Please note that SBI will never share links or unsolicited APKs over SMS or Whatsapp. Do not click on any such links or download unknown files.”

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How is APK fraud done

According to the AU Small Finance Bank website, here is how it is done
1. Hackers first need to get the victims to install the malicious APKs on their mobile devices, for which hacker may employ social engineering tactics.
2. When the victim installs the APK by clicking on it, he/she may receive numerous warning messages on highlighting the dangers of installing apps from unknown sources. The victim can also see that the app is requesting a lot of permissions e.g., access to camera, microphone, location, contacts, SMS, etc.
3. Post installation, the hacker receives a connection on his hacking device, thus granting access and control of infected device with hacker to facilitate malicious actions.

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Risks associated with APK file fraud

Installing a malicious APK can have severe and far-reaching consequences:

According to the RBL Bank, “Data Theft: Cybercriminals steal personal and financial information, leading to identity theft and significant financial losses. For instance, they can gain access to your bank accounts, social media profiles, and personal emails.

Device Control: Hackers can gain complete control over your device. They can manipulate data, install additional malware, and even eavesdrop on your communications. This level of control can lead to unauthorized transactions and further exploitation.

Reputation Damage: If sensitive or embarrassing information is leaked, victims can suffer reputational harm. This is particularly concerning for public figures or individuals in sensitive professions.”

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Precautionary measures

To protect your device from APK file fraud, follow these essential steps:

Avoid Unsecured Networks: Do not use unsecured Wi-Fi or public networks for sensitive transactions or downloads. Hackers often exploit these networks to intercept data.

Be Cautious with Third-Party Apps: Never download APK files from unknown sources, especially if prompted by an unsolicited call or message. Stick to trusted sources.

Install Antivirus Software: Use reliable antivirus software to detect and block malicious files. Regularly update the software to protect against new threats. Many antivirus apps can scan APK files before installation.