SBI Customers ALERT! Beware of massive OTP fraud - Here’s how to keep your money safe



According to SBI, an OTP will be provided to the registered mobile number and the OTP can be used by the customers to withdraw cash from the ATM.

If you are a State Bank of India (SBI) account holder and yopu use SBI ATM to withdraw cash then this news is for you. SBI recently introduced an OTP-based cash withdrawal system to prevent fraud and unauthorised transactions from its ATMs.

SBI tweeted, "Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority."

SBI also explained to its customers how the OTP-based cash withdrawal method works. According to SBI, an OTP will be provided to the registered mobile number and the OTP can be used by the customers to withdraw cash from the ATM. The OTP authenticates the user for a single transaction and with this four-digit code the SBI cardholders will remain protected from unauthorised ATM cash withdrawals.

It is to be noted that this OTP-based cash withdrawal is applicable only for withdrawals of Rs 10,000 or more from SBI ATMs. It may be recalled that the facility is operational since January last year but SBI has been proactive in informing and notifying its clients about scams and how to prevent them.

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