State Bank of India (SBI) customers will need a one-time password (OTP) for withdrawal of more than Rs 10,000 at any time from the bank's ATM from Friday. The bank has taken this step to make transactions safe from ATMs. This means that if you are an SBI customer and you have to withdraw more than Rs. 10,000 from the bank ATM, do not forget to take your mobile phone along. Otherwise, you will not be able to withdraw money. Cyber experts have termed the bank's initiative as an important step in terms of safe banking.
The bank had made it mandatory to enter the OTP received on the registered mobile number to withdraw more than Rs. 10,000/-from SBI ATM from 8 am to 8 pm from January 2020. A statement issued by the State Bank of India said that the bank has further strengthened the security of cash withdrawals from ATMs by implementing this OTP based facility to withdraw money at any time. With the mandatory OTP for transactions in the night as well as in the day, the possibility of fraud of the SBI debit cardholders has been reduced. It will also help in preventing unauthorized withdrawals and card cloning.
Know how OTP based system will work:
OTP is a code generated by the system. It is used for one-time transactions. A statement issued by the bank said that when the customer is a resident, more than Rs. 10,000 from the SBI ATM, he will have to enter the OTP received at his registered number in the ATM machine. This facility is available only at SBI ATM. "SBI has always been at the forefront of providing more convenience and security to customers by further strengthening the technical improvement and security level," said C S Shetty, Managing Director (Retail and Digital Banking), SBI. We believe that with the introduction of a 24x7 OTP based system for ATM withdrawals, the experience of withdrawal of money from SBI customers will be quite safe and risk-free.
This step of the SBI was crucial from a security point of view. Two-tier security will reduce the risk of fraud. It also needs to be implemented for small transactions because today, everybody has a mobile phone. Banks will need to take a more innovative approach in the coming time. Biometric and face recognition techniques can be applied to make transactions more secure in the coming time.
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