SBI has introduced OTP-based ATM cash withdrawals as part of the change, which will provide an additional level of authentication to prevent fraud.
SBI’s most recent reports: State Bank of India (SBI), India’s largest lender, has made a major change to its ATM withdrawal process in order to make banking more convenient for its millions of customers. SBI has introduced OTP-based ATM cash withdrawals as part of the change, which will provide an additional level of authentication to prevent fraud.
It’s worthy to note that the new function would protect SBI clients from unauthorised cash withdrawals from ATMs. “Our OTP-based cash withdrawal solution for SBI ATM transactions is a fraud-prevention vaccine. Our first focus will always be to keep you safe from scams “SBI stated in a tweet.
It may be recalled that in 2020, the SBI had introduced the OTP-validated ATM transaction in order to minimise fraudulent transactions.
Customers will receive an OTP on their registered mobile number as part of a new SBI change, and cash will be withdrawn from the ATM only once the consumer provides the proper OTP required to validate the transaction.
Customers of SBI will not be able to use this service at an ATM owned by another bank. Experts, on the other hand, believe that, given the growth in fraudulent transactions, other banks may implement an OTP-based verification mechanism for cash withdrawals from ATMs.