Customers are now prohibited from using ATMs to withdraw cash without an OTP. Customers receive an OTP on the mobile number they registered while withdrawing cash. The OTP must be entered before one can withdraw money.
Scammers today use a wide range of sophisticated methods to trick their victims and take their money. More people using ATMs to withdraw cash makes the problem worse. SBI has altered its policies about ATM cash withdrawals to reduce the likelihood of fraud. A new guideline was established by the banking industry to increase the safety of cash withdrawals from ATMs. Read on as we examine the regulation in question.
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According to the new policy, users will no longer be able to use ATMs to withdraw cash without the OTP. A one-time password (OTP) is sent to a customer’s registered mobile number at the moment of a cash withdrawal. One can get cash after inputting the OTP. Have you previously sent a payment to the incorrect account? There’s no need to fret. Here’s WHAT TO DO TO RECOVER IT
By using one-time passwords (OTPs) for cash withdrawals at SBI ATMs, we have effectively immunised our customers from fraud. Our number one goal will always be to keep you safe from scammers. SBI has warned its clients that they must understand how the OTP-based atm withdrawal system operates before using it.
The bank claims that the new regulation applies to all withdrawals of Rs 10,000 or more. Customers must use both the atm card PIN and the OTP when making a withdrawal.
Guide with elaborate diagrams for the layperson
The one-time password (OTP) will be a four-digit number that the user will use for just that one transaction.
If you want to draw money from an ATM, after entering the desired amount, you will be prompted to input OTP.
The One-Time Password (OTP) will be sent to the mobile device you provided to the bank.
