The country's leading state-run bank SBI provided an extra layer of security for cash withdrawal between 8 pm and 8 am and now this facility shall be extended all through the day and across all ATMs of the bank in the country. Notably this is for cash withdrawal of an amount of Rs. 10000 and above and herein the bank account holder while making the cash withdrawal needs to enter the OTP received on the registered mobile number together with the ATM pin.
So, every time you head on to withdraw cash remember to carry your mobile number. "Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24x7 for amount ₹10,000 and above from 18.09.2020," country's topl lender tweeted.
"With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes," SBI said in a statement.
So, with the enhanced security customers can avoid instances of
1. Unauthorized withdrawals
3. Skimming and other cyber frauds.
Furthermore, this functionality is only available for SBI ATMs and has not been developed for non-SBI ATMs in National Financial Switch (NFS), said the bank.