Will an investment bank ask for my transcript to confirm the GPA stated in an application?

I'm applying for a full-time analyst program at a very large and competetive investment bank.

Theres a space on the online application to list your GPA and the option to provide relevant details.

The minimum cumulative GPA is 3.2 (anecdotal evidence shows they are stict about this), and my cumulative GPA is 3.0. My major GPA is 3.45 and I have a strong record of extra-cirricular achievement (I'm planning to put this in the relevant details box).

If I lie on the application and put my cumulative GPA at 3.2, will they ask for transcripts from me or from the school? And if they do and see that I did lie, will they immediately remove me from consideration? How high is the likelihood they will blackball me?

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