SBI Customers Alert! This OTP fraud can be dangerous; here’s how to avoid it

New Delhi: Are you in need of cash and must withdraw it from a bank ATM? If you are a State Bank of India (SBI) customer who has to withdraw cash from an ATM, you should be aware of the following information. To protect its account users, SBI has implemented an OTP-based cash withdrawal system to prevent fraud and unauthorised transactions. This isn't the first time the bank has been made aware of the situation.

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 has also explained how the OTP-based cash withdrawal method works to its customers. An OTP will be provided to the registered mobile number, which the consumer can use to withdraw cash from the ATM, according to the bank. The OTP is a four-digit code that authenticates the user for a single transaction, and it will protect SBI cardholders from unauthorised ATM cash withdrawals using this method.

Customers of SBI should be aware that this applies to withdrawals of Rs 10,000 or more from SBI ATMs. It has also been operational since January of last year. SBI has been proactive in informing and notifying its clients about scams and how to prevent them.

Customers should be aware of fake customer service numbers, according to the lender, and should go to SBI's official website for accurate information and details.The bank on Sunday tweeted, "Beware of fraudulent customer care numbers. Please refer to the official website of SBI for correct customer care numbers. Refrain from sharing confidential banking information with anyone."