In a welcome move State
Bank of India (SBI), the country's largest lender, has announced the launch of
OTP-based ATM withdrawal to minimize the number of unauthorized transactions
taking place at ATMs.
The OTP-based cash withdrawal system will be available
across ATMs of State Bank with effect from January 1, 2020, between 8 pm
and 8 am. This OTP-based cash withdrawal system will be applicable for
transactions above Rs 10,000, SBI said in a press release.
With the introduction of
its OTP-based cash withdrawal facility, State Bank ATMs has added another layer
of security for cash withdrawals. "Introducing the OTP-based cash
withdrawal system to help protect you from unauthorized transactions at ATMs. This
new safeguard system will be applicable from 1st Jan, 2020 across all SBI
ATMs," SBI tweeted.
The customer will receive
the One-time password (OTP) on his / her mobile number registered with the
Bank. OTP is a system-generated numeric string of characters that authenticates
the user for a single transaction.
The facility will not
involve any major change in the process of withdrawing cash from State Bank
ATMs.
This facility will not be
applicable for transactions, where a State Bank card holder withdraws cash from
another bank's ATM, because this functionality has not been developed in
National Financial Switch (NFS).
In this process, once the
cardholder enters the amount they wish to withdraw, the ATM screen displays the
OTP screen. The customer has to input / punch the OTP received on his mobile
number registered with the Bank in this screen for getting the cash.
This additional
authentication factor will protect the card holders of State Bank from
unauthorized ATM cash withdrawals.
Credit : www.ndtv.com
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