SBI enables OTP-based cash withdrawal service against fraudulent ATM transactions

Now, SBI customers will have to enter a one-time password (OTP) while withdrawing cash at ATMs to complete the transaction.

The State Bank of India (SBI) has come up with a new rule to avoid fraudulent ATM transactions. Now, SBI customers will have to enter a one-time password (OTP) while withdrawing cash at ATMs to complete the transaction.

But this is applicable for people withdrawing Rs 10,000 or more in one transaction at SBI ATMs, as an extra layer of protection against fraud.

The SBI has taken to Twitter on December 26, 2019, to announce that this facility will be applicable from January 1, 2020, across all SBI ATMs. "Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs," the largest lender in the country had tweeted.

Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs. To know more: https://t.co/nIyw5dsYZq#SBI #ATM #Transactions #SafeWithdrawals #Cash pic.twitter.com/YHoDrl0DTe

The SBI has been creating awareness about ATM frauds from time to time through social media and other platforms.

The OTP is a system-generated four-digit number, which goes to the registered mobile number of the customer and it is valid for only one transaction.