The State Bank of India (SBI) has strongly advised investors to avoid fraudulent investment schemes that promise returns of up to 30% per month. In a post on X on 12 October 2026, the public sector lender highlighted the risks as part of its 'National Cyber Security Month Special Campaign 6.0'. The bank urged people to carefully verify investment opportunities and remain alert to online financial fraud, emphasizing that "If it sounds too good to be true, it definitely is!" SBI posted: "Earn 30% monthly!" - Fraudsters lure victims with fake investment schemes and steal hard-earned money. Don't fall for quick-rich traps. Verify before investing. Choose trusted financial channels Protect your savings. Stay alert, stay safe!
SBI has identified four key red flags that investors must watch for to avoid falling victim to fraudulent schemes. According to the bank's latest guidance, guaranteed or unusually high returns should raise immediate suspicion, as an investment of ₹1 lakh growing at a hypothetical 30% monthly return would become approximately ₹23 lakh in a year. Pressure to invest immediately is another warning sign, with fraudsters creating artificial deadlines and insisting on payments through UPI, cryptocurrency or gift cards. Unknown influencers and fake testimonials are common tactics, where scammers use unfamiliar social media accounts and fabricated success stories to build credibility. Requests for sensitive information through suspicious links are also dangerous, as these may imitate bank or investment websites to collect bank account credentials and passwords.
A comprehensive survey by GSMA's India Consumer Scam Report 2026 reveals the stark reality of scam recovery in India. Nearly 67% of Indian scam victims who lost money recovered nothing, while 33% of reported cases remain unresolved. The survey, conducted by Milieu Insight between 29 July and 3 August 2026, found that 12% of Indian consumers had been scammed in the last 12 months, with another 39% having seen someone close to them fall victim to scams. The findings highlight a significant gap between consumers reporting fraud and institutions delivering resolution, with 86% of scam victims approaching at least one organization for help but limited success in recovery.
According to the GSMA India Consumer Scam Report 2026, online shopping scams were the most commonly reported type, accounting for 33% of scams experienced by Indian victims. Prize, lottery and inheritance scams accounted for 31%, while job or income scams accounted for 30%. Scams involving QR codes or payment links accounted for 27% of reported scam types. Messaging apps were the most common route through which scams reached victims, at 42%, followed by social media at 37% and email at 33%. The report found that 22% of reported cases were fully resolved with money returned, while another 17% were partly resolved with some money recovered, but only 33% of victims who lost money recovered some or all of it.
The survey reveals widespread exposure to artificial intelligence-enabled scams, with 89% of Indian consumers saying they had seen AI being used in scams. AI-written messages and fake AI-generated images were each recognized by 48% of respondents, while 42% had seen deepfake videos of real people. Nearly half of Indian scam victims (49%) approached the police, while 41% contacted their bank or e-wallet provider and 40% reported the incident to the platform where the scam occurred. An organization took primary responsibility for resolving 65% of reported cases, though taking responsibility did not necessarily mean successful investigation or closure. The report found that trust in institutions is linked to scam resolution outcomes, with 88% of victims whose cases were resolved comfortable with government using their data compared to 64% of those whose cases remained unresolved.
