During the lockdown period, ATM fraud cases increased rapidly. In view of this, the State Bank of India (SBI), the largest bank in India, has now decided to implement a time code, which is an OTP-based ATM cash withdrawal facility 24×7. SBI (State Bank of India) has extended cash withdrawals based on one-time passwords (OTP) for 10,000 rupees and above throughout the day at all of its ATMs across India. It will take effect from today (September 18).
So next time, whenever you will go to an SBI ATM to withdraw 10,000 rupees or more, do remember to bring your mobile phone with yourself. Because you will have to enter the OTP sent by the bank on your registered phone number. If you do not do this, the transaction will be canceled. Currently, this extra level of security applies to transactions conducted on SBI ATMs between 8 pm and 8 am.
Now, your transactions at SBI ATMs are safer than ever. SBI will extend the OTP-based cash withdrawal function to 24×7 from September 18, 2020, with an amount of 10,000 rupees and above, the country’s top lender tweeted.
Your transactions at SBI ATMs are now more secure than ever.— State Bank of India (@TheOfficialSBI) September 15, 2020
SBI extends OTP based cash withdrawal facility to 24×7 for amount ₹10,000 and above from 18.09.2020.#SafeTransaction #SBIATM #ATMTransaction #OTP #ATM pic.twitter.com/4rHo7jEXBh
By introducing OTP based cash withdrawal facility 24*7, SBI has further enhanced the security level of ATM cash withdrawal. Implementing this feature throughout the day will prevent SBI debit cardholders from being threatened by fraudsters, unauthorized withdrawals, card-swiping, card cloning, etc., State Bank of India said in a statement. SBI also urges all customers to update or register their phone numbers if they have not yet updated or registered their mobile phone numbers.
Here is how to withdraw cash at SBI ATMs through an OTP-based system
- In order to withdraw cash at State Bank of India ATMs, you have to enter OTP.
- One time password will be sent to your updated or registered phone number.
- OTP is a numeric string of characters generated by the system, which can authenticate the user for a single transaction.
- Once the amount to be withdrawn is entered, the ATM screen will show the OTP screen.
- Now, you must enter the one-time password (OTP) which you received on your registered or updated phone number with State Bank of India on the screen to receive cash.
- Additional identity verification factors will protect National Bank cardholders from unauthorized ATM cash withdrawals.
- The bank stated that the OTP-based cash withdrawal function can only be used on SBI ATMs because the function has not been developed on non-SBI ATMs of the National Financial Switch (NFS).
Will help to Prevent ATM Frauds
Regarding the expansion of OTP-based ATM services; CS Setty, MD of the Retail and Digital Banking Department of SBI – SBI has always been at the vanguard of providing assistance and security to its customers through technological improvements and security levels. ATM withdrawals with 24×7 OTP authentication, we believe that SBI customers will have a risk-free and safe cash withdrawal experience.
Recently, State Bank of India launched a new facility for debit card users to help curb increasing ATM fraud. SBI customers can now block transactions on their ATM debit cards via SMS. The bank had warned its customers to be cautious and not to ignore SMS alerts about balance enquires or mini-statements when the customer has not initiated the request.
Other ways to block ATM-cum- debit cards are through net banking, customer service calls, and the SBI Quick app. The country’s largest lender has time and again shared the secrets of safe banking with its customers. SBI recommends that customers must conduct ATM transactions in complete confidentiality in order to avoid any ATM-cum-debit card fraud.
Earlier, the State Bank of India also launched a cardless cash withdrawal facility to protect its customers from unlawful/unauthorized transactions on SBI ATMs. This unique facility has been in progress since early 2020 and permits ATM cardholders to withdraw money with the help of OTP (one-time-password).
You can block your debit card online in the following ways:
1) Open the www.onlinesbi.com website and log in with your username and password.
2) Under the ‘e-services’ tab, select the ATM Card Service> Block ATM Card link.
3) Select the account under which you want to block your ATM debit card.
4) All the blocked and active cards will be displayed. The first 4 and last 4 digits of the card will be displayed.
5) Select the card you want to block and then click on the submit option. Verify the details and then confirm.
6) Select the authentication mode as a profile password or an SMS OTP.
7) On the next screen, enter the previously selected profile password or OTP password and then click confirm.
8) After successfully blocking your ATM-cum-debit card, a success message with the ticket number will be displayed. Record the ticket number for future reference.
SBI is India’s largest bank, with more than 23,000 branches across the country. SBI has branches in more than 30 countries/regions. More than 6.7 million SBI customers use mobile banking and ATM facilities.