SBI launches new feature for ATM users

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State Bank of India launched a new feature for its ATM users to prevent the ATM frauds. The country’s largest lender will alert its customers by sending an SMS for balance enquiry or mini statement requests. It will allow the customers to immediately block their cards if the transaction is not initiated by them.

At the beginning of this year, the bank introduced an OTP based cardless cash withdrawal facility to protect its customers from unauthorized transactions across all SBI ATMs. For withdrawal over Rs, 10,000 between 8 pm and 8 am, SBI customers will have to key in the OTP and the Debit card PIN. This facility can only be availed at SBI ATMs. The bank has been giving security tips to its customers on providing safe and secure money transfer services.SBI suggests its users carry out ATM transactions in private to avoid getting defrauded.

Recently SBI has started campaigns against online frauds. During the pandemic period, digital transactions were increased. So there are chances of online frauds as well. SBI has shared a short video explaining some safety tips for its customers in its official twitter handle. The bank explained that in these scenarios it has become difficult to recognize the fraudster and genuine entity. Nowadays the fraudsters have found some innovative ways to scam the common people. They are using the current pandemic scenario to do the fraudful activities. In this financial year, 2020 has reported more than 50000 cases in debit and credit card frauds. The amount involved in this is more than 220 crores.

Also, between FY17 and FY20, a total of 140,471 cases of fraudulent usage of debit cards, credit cards, and internet banking were reported, with the amount relating to such fraudulent usage being Rs 589.14 crore. Prevention of such fraudulent activities is the aim of this initiative, an SBI official said. Some of the suggestions made by SBI to its customers are:

  • Don’t share personal details with anyone
  • Never share INB details
  • Ignore suspicious links
  • Report frauds to the nearby police station or SBI branch immediately
  • Always rely on authorized SBI website

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