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Scams targeting customers of online banks have been around for some time, and numerous reports of them have surfaced in recent years. Scammers deceive victims by sending them bogus messages purporting to be about KYC, credit card, or bank update changes. They focus on catching persons who are dealing with pressing matters such as PAN updation in particular. A new scam that is becoming viral targets people who are in the process of submitting their income tax returns, and it is quite similar to the bogus PAN update scam that went popular earlier this year.

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Scammers are currently targeting Indian account users with tax-time phishing efforts as part of an ongoing scheme. This scheme takes advantage of the fact that individuals are currently completing their Income Tax Returns. They send bogus text messages to those who have bank accounts, making the texts appear as though they were sent from well-known Indian banks. The intention of these messages is to deceive consumers into providing their personal information.

Scammers are sending phoney text messages claiming that the recipient’s bank account will be stopped and urging them to update their PAN and AADHAR card information on their accounts, according to a report that was published by Sophos and quoted by TOI. The TOI article cited the Sophos research. A link to a file that may be downloaded as an Android Package (APK) is also included in these text messages. If the app is installed with the app connected with an APK file, the app seems to be very similar to the actual bank application. Users are then misled into entering their banking data in the phoney app, which allows thieves to steal money.

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Despite the fact that fraudulent bank SMS scams have been perpetrated in the past, it is crucial to exercise extreme caution at this time because individuals may think that the fraudulent messages are genuine while checking their account details using internet banking or banking applications during the time period in which income tax returns must be filed.

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