The country's largest lender, State Bank of India (SBI), has tied up its shoes to combat fraudsters in a novel way as the number of cyber fraud complaints and incidents rises. SBI customers may protect themselves from unauthorised ATM transactions by using an OTP-based cash withdrawal mechanism at SBI ATMs. Through a recent tweet, SBI has claimed that "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."
Generally, OTP-based cash withdrawal mechanism works on withdrawals of Rs. 10,000 and above at SBI ATMs, and due to the one-time password mechanism which will be sent to the customer's registered mobile number with the bank, he or she can counter fraud transactions at SBI ATMs.
Here's how the OTP-based cash withdrawal system of SBI will 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 from unauthorised ATM Cash withdrawals.
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.#SBI #StateBankOfIndia #ATM #OTP #SafeWithSBI #TransactSafely #SBIATM #Withdrawal pic.twitter.com/9EnJH883bx— State Bank of India (@TheOfficialSBI) November 21, 2021
Not just through the aforementioned approach, but also through a series of Tweets, SBI keeps its customers up to date on account safety measures. SBI recently stated in a tweet that "Sharing is not always caring. SBI says never share your bank details & ATM or UPI PINs with anyone." This implies that if you get a message from an unknown number asking you to share your account details in order to claim a fraud prize money then you should always remember that SBI or its employees will never ask for sensitive information like account number, debit card details, internet banking credentials, OTP or advice you to click on third party links, through phone, SMS or email. Hence, you should be beware of individuals/parties that ask for such details on the pretext of being from SBI
SBI also says you should not share your account details with anyone, and should not click on unknown links or reply to fake bank email IDs.
On the other hand, SBI customers should also remeber that the bank says "KYC frauds are now most prevalent than ever. Do NOT share your KYC details with anyone on call/email/SMS. Do NOT download any app on the advice of unknown callers."
As a result, in order to maintain your hassle-free banking service, you should always keep your bank account, net banking, or mobile banking credentials confidential and never share them with anyone.