State Bank of India (SBI), on Tuesday, said that it is extending its OTP-based cash withdrawal for transactions of Rs 10,000 and above throughout the day across all its ATMs, starting 18 September.
The extra level of security was introduced in SBI ATMs in January for transactions made between 8 pm and 8 am after multiple incidents of debit card skimming by fraudsters.
As per the bank's press release, this initiative aims at safeguarding customers from frauds and minimising unauthorised transactions
"With the introduction of a 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes," SBI said.
Under this OTP-based withdrawal system, after the customers enter the amount they wish to withdraw on the screen of an SBI ATM, he/she will receive OTP on his/her registered mobile number. This facility is currently only made available at SBI ATMs.