SBI Launches OTP-Based ATM Transactions

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

ATM Safety Tips

Protecting Your ATM Card

-      Always protect your ATM card and keep it in a safe place, just like you would cash, credit cards or checks.

-      Do not leave your ATM card lying around the house or on your desk at work. No one should have access to the card but you. Immediately notify your bank if it is lost or stolen.

-      Keep your Personal Identification Number (PIN) a secret. Never write it down anywhere, especially on your ATM card.

-      Never give any information about your ATM card or PIN over the telephone. For example, if you receive a call, supposedly from your bank or possibly the police, wanting to verify your PIN, do not give that information. Notify the police immediately.

Using an ATM

-      Be aware of your surroundings, particularly at night. If you observe or sense suspicious persons or circumstances, do not use the machine at that time.

-      Have your ATM card ready and in your hand as you approach the ATM. Don't wait to get to the ATM and then take your card out of your wallet or purse.

-      Visually inspect the ATM for possible skimming devices. Potential indicators can include sticky residue or evidence of an adhesive used by criminals to affix the device, scratches, damaged or crooked pieces, loose or extra attachments on the card slot, or noticeable resistance when pressing the keypad.

-      Be careful that no one can see you enter your PIN at the ATM. Use your other hand or body to shield the ATM keyboard as you enter your PIN into the ATM.

-      To keep your account information confidential, always take your receipts or transaction records with you.

-      Do not count or visually display any money you received from the ATM. Immediately put your money into your pocket or purse and count it later.

-      If you are using a drive-up ATM, be sure passenger windows are rolled up and all doors are locked. If you leave your car and walk to the ATM, lock your car.

Special Precautions for Using an ATM at Night

-      Park close to the ATM in a well-lighted area.

-      Take another person with you, if at all possible.

-      If the lights at the ATM are not working, don't use it.

-      If shrubbery has overgrown or a tree blocks the view, select another ATM and notify your bank.

ATM Crime

These tips are meant to make you aware, ATM crime can happen. Preventing such a crime must be a cooperative effort between you and your bank.

How to safeguard your Credit & Debit Card

Credit-gettyimages

New Delhi: The Automated Teller Machines (ATM) are the easiest options for obtaining quick cash with the help of ATM-cum-debit cards or credit cards. There have been several instances when fraudsters and touts have withdrawn money from somebody else’s account by cloning ATM-cum-debit card or credit card with the help of skimming. In order to prevent the cases of debit card skimming, credit card skimming, banks issue certain guidelines to update their customers on how to do safer transactions at ATM.

What is ATM-cum-debit card, credit card skimming..?

According to ICICI Bank, skimming is an act of stealing information through the magnetic strip on the cards that are used in ATMs and merchant establishments. Fraudsters collect information from a credit/debit/ATM card by reading the magnetic strip on the reverse of the card. For doing this, they conceal a small device in the card slot of ATM's or merchant payment terminals. This 'skimmer' scans the card details and stores its information. A tiny strategically positioned camera may also be used to capture the PIN. Skimming can occur in ATMs, restaurants, shops or other locations.

ATM-cum-debit card, credit card skimming alert: 10 tips for safe transactions at ATM

https://www.imoney.my

1. Always protect your keypad while entering ATM-cum-debit card PIN or credit card PIN.

2. Stop transactions at ATM, if there is anything strange, suspicious or something that does not look right with the ATM or if the keypad does not feel securely attached.

3. Don't use the ATM, if it seems anything stuck onto the ATM card slot or ATM keypad. Cancel the transaction and walk away. Never try to remove suspicious devices from ATM.

4. Be cautious if strangers offer to help you at an ATM, even if your card is stuck in the ATM slot or you are having difficulties. Do not allow anyone to distract you while you’re transacting at ATM.

5. Keep your ATM-cum-debit card PIN, credit card PIN a secret. Never reveal your ATM card PIN or credit card PIN to anyone, even to someone who claims to be calling from your bank or a police officer.

6. Make sure that other people in the ATM queue are at a reasonable distance away from you.

7. Do check account balance and bank statements regularly and report any discrepancies to your bank immediately.

8. Always memorise your ATM-cum-debit card PIN, credit card PIN and never write it down or store on the credit card or ATM-cum-debit card.

9. Don't take the help offered by strangers at ATM or allow anyone to watch you enter your ATM-cum-debit card PIN or credit card PIN.

10. Always press the 'Cancel' button on the ATM keypad once your transaction is over at the ATM.

https://timesofindia.indiatimes.com

The article is originally posted by - https://www.timesnownews.com