In a high-profile theft case where the debit card transactions were undertaken internationally and this is expected to be an incident of cloning and in this case when the transaction occur overseas, holders of the account are not even sent OTPs for validating the transaction, there is extreme caution that is now called for on the part of bank account holders for them to be safe in this technically advanced age.
The public sector banker in a bid to make customer's transactions further safe has come out with an OTP based password which will serve as the second-factor password and ensure higher degree of safety and security of one's account. This is other than the login password for internet banking account.
And this OTP will be asked from you each time there is some transaction being executed in your account. Besides this, holders of SBI bank account can also receive alert for different non-financial as well as financial transaction and authentication details will be sent over to their registered email.
So, how to register for such OTP based authentication. Here is the process:
For you to set the high security password OTP from the net banking account of SBI, you need to log in to your net banking account.
Then click on 'My account and my profile section'
Now you need to click on 'High-Security Password' link and by making use of the Profile Password, you need to go to the next page.
And then you will have to asked some of the question which you need to answer as per your choice.
In the first case of authentication if you engage in any intra or inter bank beneficiary payment, credit card or IMPS or international fund transfer possibly. On selecting the option as Yes, for each of the transaction you will be getting the OTP and if you select no then on for cumulative transactions valuing up to Rs. 10000 per day. In an ideal case, choose it as Yes for receiving an alert with regard to each of the transaction.
Authentication 2: In a case when you enter into transactions at merchant outlets. If yes is selected then for each of the transaction, you will be receiving an OTP wherein the other case when you select No, OTP will not be received for transactions up to Rs. 5000 done on a cumulative basis during the day.
Authentication 3: In the last authentication measure, by which mode do you wish to receive the OTP i.e. (i) SMS (ii) SMS and email (iii) State Bank Secure OTP (Mobile App).
Ideally, set it as SMS and Email to receive an alert on every transaction.