India / SBI makes OTP must for withdrawals above ₹10,000 at its ATMs 24x7

Livemint : Sep 18, 2020, 12:09 PM
Mumbai: State Bank of India (SBI) is extending one-time password (OTP)-based cash withdrawal for ₹10,000 and above throughout the day across all its ATMs in the country. This will be effective from today (September 18). So, the next time, you are heading towards an SBI ATM for withdrawing ₹10,000 or more, do remember to carry your mobile with you. As you will have to enter the OTP sent by the bank on your registered mobile number. If you fail to do so, the transaction will get cancelled. At present, this extra level of security is available for transactions at SBI ATMs between 8 pm and 8 am.

"Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24x7 for amount ₹10,000 and above from 18.09.2020," country's topl lender tweeted.

"With the introduction of 24x7 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 cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes," SBI said in a statement.

Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning. SBI has also urged all its customers to register or update their mobile numbers if they have not yet done so.

Here is how to withdraw cash at SBI ATMs through OTP-based system

-In order to withdraw cash at SBI ATMs, you will need an OTP

-OTP will be sent to your registered mobile number.

-OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.

-Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.

-Now, you will have to enter the OTP received on your mobile number registered with the bank in this screen for getting the cash.

-This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.

-The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.

Recently, SBI had launched new facility for debit card users to help curb the ATM frauds which have been on the rise. The bank had alerted its customers to be cautious and not to ignore SMS alerts regarding balance enquiry or mini-statement when the request is not initiated by them.

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