In a recent development, keeping in mind the increasing ATM related scams, the State Bank of India has introduced a new feature, it has made OTP a must on withdrawal of above ₹10,000 at SBI ATMs. This has been made active on 24*7 basis. This comes into effect from 18th September, 2020.
It is important to note here that earlier SBI, in order to prevent its customers from fraudsters, had made this OTP based rule active from 8p.m till 8a.m. This came into effect from 1st January, 2020.
OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. It stands for One Time Password.
SBI has introduced another feature. Every time an SBI customer will visit an ATM and check the balance/mini statement, SBI will send an alert as an SMS to the customer. This will be done to inform them on the same. If its not the same person, then they can proceed to block the card if the transaction has not been initiated by them.
In a statement made by SBI, they said- ”With the introduction of 24*7 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 card holders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.”
C.S Setty, MD in Retail and Digital Banking, SBI said,
”SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24*7 OTP authenticated ATM withdrawals. we believe SBI customers will have a secured and risk free cash withdrawal experience.”