State Bank of India (SBI) has added another layer of security to ATM withdrawals by introducing one-time password (OTP) for every transaction above Rs10, 000 between 8 am and 8 pm. The OTP-based cash withdrawal will be effective from January 1, 2020.
Once an individual initiates a transaction, OTP will be sent to the mobile number registered with the bank. SBI said in a statement said that this additional authentication will protect SBI cardholders from unauthorised ATM cash withdrawals.
“The facility will not require much changes in the process of cash withdrawal from SBI ATMs,” it said. However, this facility will not be available while withdrawing cash from other banks’ ATMs.
When the cardholders enters the amount they wish to withdraw, OTP screen will be displayed. The customers have to put the OTP that the bank will send to the registered mobile number. OTP is a system-generated a string of numeric characters that allow users to make a single transaction.
The bank said that this was introduced with the aim of preventing debit card frauds. In the recent months, several reports of debit card frauds.