SBI YONO has come up with stricter rules that customers will now have to follow. Since the onset of the COVID-19 pandemic, there has been an increase in online and internet banking transactions. This further led to several frauds and loss of money.
In order to protect their customers, the bank introduced new rules that will actually block customers from their accounts if they don’t follow the new rules.
Before logging into the app, SBI account holders will need to ensure that they can only log in if they use the cell phone number registered with the bank. SBI YONO will not allow account holders to complete any transactions if they attempt to log in with a different number.
SBI via its tweet revealed the reason for this decision. He tweeted: “Safe banking with YONO SBI! YONO SBI improves its security features.” Then he explained the new rule that customers will have to follow. He said, “The new upgrade will allow YONO SBI to be accessed only from the phone whose mobile phone number is registered with the bank.”
This occurs in the context of clients witnessing multiple frauds through the SBI YONO app and the scammers use a trick to get details like username, password and other personal bank accounts of clients and then they use it with the help of mobile phones.
In order to avoid this, SBI YONO has applied this rule regarding account access authorization only if users log in from their registered mobile phone, then the risk of money loss is greatly reduced.