State Bank of India has issued a comprehensive alert to customers regarding the increasing sophistication of deepfake scams, where cybercriminals exploit artificial intelligence technology to perpetrate financial fraud. The bank's warning, shared through social media platform X, highlights how fraudsters are creating highly convincing fake communications to deceive unsuspecting victims.

Understanding Deepfake Technology in Financial Fraud

Deepfake scams represent a new frontier in cybercrime, utilizing advanced AI algorithms to generate realistic but fabricated audio, video, and image content. According to SBI's advisory, these technologies enable criminals to accurately mimic the voice, appearance, and mannerisms of real individuals, making their fraudulent communications extremely difficult to detect.

The bank explained that scammers specifically target the emotional vulnerabilities of victims by impersonating trusted figures such as bank officials, family members, senior corporate executives, or close acquaintances. These impersonations are designed to create immediate emotional pressure and urgency, compelling victims to act without proper verification.

Fraudulent Operation Methods

SBI detailed the typical operational patterns employed by deepfake scammers:

The fraudsters typically initiate contact through popular messaging platforms or direct video calls, presenting fabricated emergency situations that require immediate financial assistance. The sophisticated nature of AI-generated content makes it increasingly challenging for recipients to distinguish between authentic and fraudulent communications.

Essential Safety Protocols

SBI has outlined critical safety measures that customers must implement to protect themselves from deepfake fraud:

• Never respond immediately to messages or calls demanding urgent payments
• Always verify requests through official bank channels or known contact numbers
• Avoid clicking on suspicious links or downloading unknown attachments
• Never share OTPs, account details, passwords, or QR codes through unofficial channels
• Take time to verify the identity of the person making financial requests

Reporting and Response Mechanisms

For customers who encounter suspected deepfake fraud or cyber crimes, SBI has provided clear reporting channels:

Industry-Wide Implications

SBI's warning reflects broader concerns within the banking sector about the evolving sophistication of cybercrime methods. The bank emphasized that as digital technologies continue advancing, criminal techniques are simultaneously becoming more refined and convincing. This technological arms race necessitates heightened customer awareness and proactive security measures across all financial institutions.

The advisory underscores the critical importance of customer education and vigilance in combating these emerging threats. Financial institutions are increasingly focusing on preventive measures and customer awareness campaigns to mitigate the risks associated with AI-powered fraud schemes.

State Bank of India has implemented revised charges for ATM and Automated Deposit-cum-Withdrawal Machine (ADWM) transactions at other banks' ATMs, effective December 1, 2024. The changes mark the lender's first adjustment to ATM charges since February 2024, primarily affecting customers who exceed prescribed free transaction limits at non-SBI ATMs.

Revised Fee Structure

The bank has increased charges for transactions beyond the free limit at non-SBI ATMs. The revision follows a review of ATM service pricing after an increase in interchange fees.

Non-financial transactions include services such as balance enquiries and mini statements. Charges for transactions at SBI's own ATMs remain unchanged under the revised structure.

Impact on Different Account Types

Regular Savings Accounts

Savings account holders continue to enjoy the same free transaction benefits as before. The bank maintains five free transactions per month at non-SBI ATMs across all locations, covering both financial and non-financial services. The revised charges apply only after customers exceed this monthly limit.

Salary Package Accounts

State Bank of India has introduced a significant change for salary package savings accounts by implementing a transaction cap. These account holders are now entitled to 10 free transactions per month at non-SBI ATMs across all centres, replacing the previous unlimited free usage policy.

Unaffected Services and Accounts

Several customer categories and services remain outside the scope of the fee revision. Basic Savings Bank Deposit (BSBD) accounts maintain their existing charge structure without any changes. Transactions conducted using SBI debit cards at SBI ATMs continue to be free as per existing rules.

Additionally, cardless cash withdrawals at SBI ATMs remain unlimited and free for all customers. Kisan Credit Card (KCC) account holders are not impacted by the revised fee structure and continue to operate under previous terms.

Implementation Timeline

The revised charges became effective from December 1, 2024, applying to all eligible transactions conducted after this date. The bank cited the increase in interchange fees as the primary reason for implementing these changes, reflecting broader industry cost adjustments in ATM services.