Banks continue to issue instructions on the safe use of ATMs from time to time. State Bank of India (SBI) has also tweeted and advised to use OTP while withdrawing money from ATMs. This service of the bank is running from 2020.
New Delhi. Due to internet banking nowadays online transactions are becoming more and more. But, still cash transactions are enough. ATM is still the most preferred means of withdrawing money from a bank account. Due to the excessive use of ATMs, frauds related to it are also quite high. By changing ATMs, thugs defraud people or by ATM skimming, criminals vacate the account of people.
Banks keep issuing instructions regarding ATM usage from time to time. State Bank of India (SBI) has also now tweeted and advised to use OTP while withdrawing money from ATMs. The bank has started this service from 2020 itself, but, most of the customers do not do OTP based ATM transactions.
Advice to use OTP
SBI, in a tweet from its official Twitter handle, has advised customers to use OTP while withdrawing money from ATMs. The bank wrote in the tweet, “OTP based transactions at SBI ATMs are a perfect weapon against fraudsters. Protecting you from fraud is our top priority.” SBI Bank has started OTP service from 1 January 2020. The bank shares this information frequently, so that it can protect its customers from cybercrime.
Experiment like this
- To withdraw cash from SBI ATM, first insert the card in the ATM machine.
Click on OTP option. - OTP will come on your registered mobile number, now enter it.
- After this enter the ATM PIN.
- Cash will be dispensed from the ATM machine.
Bank of Baroda: This rule will change from August 1,
Following the guidelines of RBI regarding the clearance of checks, Bank of Baroda has made some changes in its check payment rules. The bank has told its customers that from August 1, positive pay system will be mandatory for payment of checks with an amount of 5 lakhs or more. In the absence of this check payment will not be made.
Significantly, the Reserve Bank of India had decided to introduce ‘Positive Pay System’ for checks in the year 2020 to prevent banking frauds. Under this system, some key information may be required for payment of more than Rs 50,000 through check.
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