State Bank of India is going to make it mandatory from September 18 to enter one-time password (OTP) for withdrawal of ₹10,000 and more at ATMs.
SBI debit card holders will now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time. The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
“With the introduction of 24×7 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,” said SBI in a statement. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).
