How can OTP-based cash withdrawals at SBI ATMs prevent you from fraud?

The country’s largest lender, State Bank of India (SBI), has tied its shoes to tackle fraudsters in a new way as the number of cyber fraud complaints and incidents increases. SBI customers can protect against unauthorized ATM transactions by using an OTP-based cash withdrawal mechanism at SBI ATMs. In a recent tweet, SBI asserted that “Our OTP-based cash withdrawal system for SBI ATM transactions is a vaccination against fraudsters. Protecting you against fraud will always be our top priority.”

Typically, the OTP-based cash withdrawal mechanism works on withdrawals of Rs. 10,000 and above at SBI ATMs, and through the one-time password mechanism that will be sent to the mobile phone number. registered customer with the bank, he or she can counter fraudulent transactions in SBI ATMs.

How will SBI’s OTP-based cash withdrawal system work?

• An OTP will be sent to your registered mobile number.
• The OTP is a four-digit number that authenticates the user for a single transaction.
• This will protect SBI cardholders against unauthorized cash withdrawals at ATMs.

Our OTP-based cash withdrawal system for SBI ATM transactions is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.#SBI #National Bank of India #AT M #OTP #SafeWithSBI #Transact safely #SBIATM #Withdrawal pic.twitter.com/9EnJH883bx

– State Bank of India (@TheOfficialSBI) November 21, 2021

Not only through the aforementioned approach, but also through a series of Tweets, SBI keeps its clients up to date with account security measures. SBI recently said in a tweet that “Sharing is not always thoughtful. SBI says never to share your bank details and ATM or UPI PINs with anyone.” This implies that if you receive a message from an unknown number asking you to share your account details in order to claim a fraudulent cash prize, you should always remember that SBI or its employees will never ask you for sensitive information like account number, debit card details, internet banking credentials, OTP or advise you to click on third party links, by phone, SMS or email. Therefore, you should beware of people / parties asking for such details under the pretext of being from SBI

SBI also says that you should not share your account details with anyone, and should not click on unfamiliar links or respond to fake bank credentials.

On the flip side, SBI clients should also remember that the bank states that “KYC frauds are now more prevalent than ever. Do NOT share your KYC information with anyone by call / email / SMS. Do not download any app on the advice of unknown callers. . “

Therefore, in order to maintain your hassle-free banking service, you should always keep your bank account, online banking, or mobile banking credentials confidential and never share them with anyone.

Article first published: Sunday November 21, 2021, 12:21 PM [IST]