SBI YONO has implemented harsher regulations that consumers must follow going forward. Since the COVID-19 pandemic, there has been an increase in online and net banking transactions. This has resulted in a number of frauds and financial losses.
To keep their customers safe, the bank has implemented new restrictions that would really freeze their accounts if they do not follow the new guidelines.
Before logging into the app, SBI account holders must remember that they will only be able to log in if they use the mobile phone number that has been registered with the bank. If account holders attempt to log in with a different number, SBI YONO will not allow them to conduct any transactions.
The explanation behind this move was stated by SBI in a tweet. It stated on Twitter, “Banking with YONO SBI is safe and secure! YONO SBI is improving its security measures.” Then it went on to explain the new regulation that customers would have to obey. “The new upgrade will allow access to YONO SBI only from phones that have the mobile number registered with the bank,” it stated.
Consumers have witnessed multiple frauds via the SBI YONO app, and fraudsters employ a technique to gain credentials like as usernames, passwords, and other personal bank accounts of customers, and then they run it using mobile phones.
To counteract this, SBI YONO has implemented a regulation that allows customers to access their accounts only if they log in from their registered mobile phone, which greatly reduces the chances of money loss.