Mumbai: The largest nationalized bank in the country, the State Bank of India (SBI) has issued an advisory for all its customers. SBI said that it has launched OTP-based cash withdrawal system in ATMs to prevent fraud and unauthorized transactions.
‘Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority. Beware of fraudulent customer care numbers. Please refer to the official website of SBI for correct customer care numbers. Refrain from sharing confidential banking information with anyone’, tweeted SBI.
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As per SBI, an OTP will be provided to the registered mobile number of the customer, which the customer can use to withdraw cash from the ATM. The OTP is a four-digit code that authenticates the user for a single transaction, and it will protect SBI cardholders from unauthorized ATM cash withdrawals. This applies to withdrawals of Rs 10,000 or more from SBI ATMs.
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