The public sector lender made the announcement on Saturday that it will introduce OTP-based cash withdrawal system across all SBI ATMs.
State Bank of India (SBI) building. (File Photo: IANS)
In recent times the number of ATM fraud cases or ATM scams has increased to an unexpected amount, leaving bank customers in a dilemma on whether they should continue to use their debit cards or not.
Keeping the concerned people in mind, State Bank of India (SBI) has come up with a concept in which cash withdrawal over Rs 10,000 will ask for an OTP sent on customer’s register mobile number along with debit card PIN.
Advertisement
The public sector lender made the announcement on Saturday that it will introduce OTP-based cash withdrawal system across all SBI ATMs. The facility will come into effect from January 1 and it will be functional between 8.00 pm. to 8.00 am.
Advertisement
“With this facility, SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit cardholders from the risk of skimming, card cloning, etc,” the lender said.
Customers using non-SBI cards will not be able to avail the facility as it has not been developed in National Financial Switch (NFS).
On December 2, over 30 people from the Kolkata city lodged complaints claiming that a huge sum of money was withdrawn from their accounts by fraudsters. During investigation Police suspected that fraudsters had probably used ATMs in Delhi, Gurgaon and Noida.
(With input from agencies)
Advertisement
