SBI has launched an OTP-based fund transfer mechanism to safeguard account holders from fraud and unauthorized activities.
Are you in most need of currency and must use a bank ATM to get it? If you are a State Bank of India (SBI) client and need to withdraw cash from an ATM, the following information is for you. SBI has launched an OTP-based fund transfer mechanism to safeguard account holders from fraud and unauthorized activities. This is not the first time the lender has been notified of the problem.
SBI said on Twitter, “Our OTP-based cash withdrawal mechanism for SBI ATM transactions protects you against scammers. Our first objective will always be to protect you from fraud.”
SBI has also explained to its clients how the OTP-based cash withdrawal technique works. According to the bank, an OTP will be sent to the registered phone number, which the client may use to draw cash from an ATM. The OTP is a four-digit number that certifies the user for a single trade and protects SBI cards from unauthorized ATM cash transactions using this technique.
Customers of SBI should be informed that this applies to withdrawals from SBI ATMs of Rs 10,000 or higher. Additionally, it has been functioning since January of this year. SBI has taken a proactive role in educating and alerting its customers about fraud and how to avoid them. According to the bank, customers should be cautious of phoney customer care numbers and should refer to SBI’s official website for correct information and facts. On Sunday, the bank tweeted, ” Beware of fraudulent customer care numbers. Please refer to the official website of SBI for correct customer care numbers. Refrain from sharing confidential banking information with anyone.