Recently, the banking sector faced many fraud cases of unauthorized transactions on accounts by skimmed/cloned cards. To overcome this issue, the Punjab National Bank (PNB) decided to uplift the security level by introducing OTP to minimize the number of unauthorized transactions happening via ATMs.
Under OTP based cash withdrawal its customer can withdraw Rs. 10,000 and above from their debit card with the help of OTP sent to their registered mobile along with their card’s security pin, that is the customer has to enter the OTP that has been sent by the bank to the customers registered mobile number in the ATM screen to withdraw the money. Customers can easily withdraw money under this service from 8 am to 8 pm every day. The PNB OTP based cash withdrawal will be available to its customer from December 1st, 2020. The customer who is a PNB debit card holder can avail this service only through the PNB ATMs as this service has been not implemented by all the banks. The State Bank of India (SBI) has already started to provide this feature from January 1st, 2020 and now every bank is upgrading to OTP based withdrawal system.
PNB by introducing the OTP based withdrawal system, has added another layer of security in their ATM transaction to provide security to its customers’ wealth and avoid fraud activities. PNB said that the withdrawal process does not need any change, only they need is an extra level of security adds up to avoid fraud activities. PNB is planning to implement more security add up to avoid fraud in the bank transaction, to avoid the problems like cloned/skimmed card fraud which widely occur in ATM transaction, because it has become easy to crack the ATM card pin code and do fraud so such security up-gradation will help them secure their customers account and avoid fraud.
PNB is a state-owned bank which provides banking and financial services, it is headquartered in New Delhi. The lender is the second largest public sector bank of India, it was registered on 19th May, 1894 under the Indian Companies Act. PNB always tries to protect the interest and wealth of its customers as a result of which the bank tries keep on improving the security policies.