The State Bank of India (SBI) has implemented a new rule to prevent fraudulent ATM transactions. SBI customers will now be required to enter a one-time password (OTP) when withdrawing cash from ATMs in order to complete the transaction. However, this applies to people who withdraw Rs 10,000 or more in a single transaction at SBI ATMs as an extra layer of fraud protection.
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. To know more: https://t.co/nIyw5dsYZq#SBI #ATM #Transactions #SafeWithdrawals #Cash pic.twitter.com/YHoDrl0DTe
— State Bank of India (@TheOfficialSBI) December 26, 2019
On December 26, 2019, the SBI announced via Twitter that this facility will be available at all SBI ATMs beginning January 1, 2020. ‘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,’ the country’s largest lender had tweeted.
The SBI has raised awareness about ATM fraud on social media and other platforms on a regular basis. The OTP is a four-digit number generated by the system that is sent to the customer’s registered mobile number and is valid for only one transaction.
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