In recent times, many cases of unauthorized transactions on account of skimmed/cloned cards were registered that led to fraud. To minimise the number of unauthorized transactions happening via ATMs, the Punjab National Bank (PNB) is going to introduce the OTP-based cash withdrawal system. The bank will launch OTP Based ATM Withdrawal for transactions system from December 1, 2020.
According to the bank, customers can now easily withdraw money above Rs 10,000/- between 8 PM to 8 AM. The bank on its official Twitter handle posted a tweet, "Save the dates! PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier."
With this move, the bank has added another layer of security for cash withdrawals. To withdraw cash from their PNB accounts, the customers will first receive an OTP on their registered mobile number. Once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen.
Then the customer will have to input/punch the OTP received on his registered mobile number on the screen for getting the cash.
The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. This process will protect PNB cardholders from unauthorized ATM cash withdrawals.
It is to be noted that the customers will receive the OTP only through the mobile number that is registered with the bank.
The system will not require any major change in the present process to withdraw cash from Punjab National Bank ATMs, but it just adds one more step to make the transaction more safe and secure.
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