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SBI blocks wallets from using net banking to load money due to online fraud

State Bank of India (SBI), the country's largest lender, has removed the option of loading money on all major wallets through net banking due to rising online frauds. Sunita Handa, general manager for net banking at SBI, told medianama that increased instances of vishing led SBI to take this step. Vishing is a type of online fraud where a scammer pretends to be a legitimate business and fools victims into divulging their net banking credentials. Handa said that many scammers would load Rs 10,000 (the limit for non-KYC wallets) into wallets and then immediately transfer the amount into another bank account. Handa, however, declined to give the number of complaints that SBI got of such vishing attacks. She added that the bank was in conversation with many of the wallet players who need to meet a few conditions for the bank to open net banking as mode of loading money. One of the conditions was that there needs to be a buffer when a wallet transfers money to a bank account. Also read: SBI to charge fees on wallet-to-account transfers for its Buddy Wallet MediaNama checked wallets in Paytm, FreeCharge, MobiKwik and JioMoney where net banking from SBI wasn't listed as an option. Supporting screen shots: It would be much better if they just open up to startups for business. They've blocked MobiKwik. Cc @jayantsinha https://t.co/K68kRsebYt — Bipin Preet Singh (@BipinSingh) June 8, 2016 It is unclear when exactly SBI stopped net banking for wallets, but a Reddit thread points out…

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