Govt warns against fake banking app targeting Union Bank account holders

'Union-Rewards.apk', pretending to be the legitimate app of Union Bank, lures account holders with promises of rewards

The government has cautioned smartphone users against a fake app of state-run Union Bank, which is siphoning funds from victims’ bank accounts by promising rewards. 

The Ministry of Home Affairs has warned both Android and iPhone users against this malicious app, which has been identified and catalogued on Cyber Dost -- a platform dedicated to promoting cyber safety and security awareness.

‘Union-Rewards.apk’, pretending to be the legitimate Android app of Union Bank, engages account holders with promises of rewards, The Times of India reported. It operates as a deceptive scheme to trick unsuspecting individuals into downloading the app, potentially resulting in financial fraud and theft.

In a tweet from the official cybersecurity account, Cyberdost, the government advised vigilance against counterfeit malicious Android applications, emphasising the importance of cyber safety and awareness.

“Protect yourself from fake malicious android applications. #CyberSafeIndia #CyberAware #StayCyberWise #I4C #MHA #fraud #newsfeed,” Cyberdost alerted in a post on X (formerly Twitter).

Fake stock trading apps

The proliferation of fake stock trading apps also poses a significant threat, causing substantial financial harm to innocent citizens nationwide. The cyber cell of the Indian government has issued a warning specifically to iPhone users about a fraudulent app named ‘Group-S’, published by Chu Chi Quoc Huy, which lures users into unauthorised stock trading activities.

Additionally, the cyber cell has identified other similar risky apps, including INSECG, CHS-SES, SAAI, SEQUOIA, and GOOMI, none of which are registered under the Securities and Exchange Board of India (SEBI). These apps register users and prompt them to engage in stock trading based on recommendations from fraudsters, leading to financial losses. 

SEBI has also cautioned investors to be wary of any communication or apps promising access to the stock market through entities registered with SEBI.

Earlier last year, the government had cautioned State Bank of India (SBI) account holders about a fake SMS scam. The fraudulent message, purportedly from SBI's official channel, requested users to update their PAN card under the threat of their SBI YONO account being blocked if they failed to comply via the provided link in the SMS.