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  • Category: Miscellaneous

    Do you think OTPs for every ATM transaction will reduce the risk of frauds?

    The SBI has announced that from 31st October 2018, the daily cash withdrawal limit through ATM cards will be reduced to Rs. 20000/- from the present limit of Rs. 40000/-. There are wide ranging complaints of frauds arising from ATM counters where skimming devices are found to be attached to the ATMs through which all the necessary card details are going in to the hands of the fraudsters. The decision to reduce the daily cash withdrawal limit is taken to check these types of frauds and to promote digital transactions. It is not clear how this measure is going to reduce frauds where skimming devices are used in ATM machines. We all know that these types of frauds happen with POS terminals too and every now and then the RBI or the government issues safety precautionary measures.

    While making online transactions through debit cards, we receive an OTP in our mobile devices for each transaction and I find this a good measure to check frauds. If this method is implemented in ATM transactions too, then we can expect some reduction in the deceitful activities. Though this method will be little time consuming since for every transaction we have to wait for a little moment for receiving the OTP, but may be an effective step. Members do you agree?
  • #649601
    SBI being the largest bank virtually has to pull its socks as lots of complaints had been pouring since in the absence of guard at the ATM centers fraudsters are taking advantage and indulging in stealing the data of ATM users and them swindling the money. I do welcome OTP number for every transaction that will ensure that we have the knowledge of our own transactions and thus frauds can be reduced. What I suggest that instead of going to ATM , better deal with the branch itself and with POS machine we are damn sure of clean and clear transaction and also our pass book can be updated.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #649615
    It will definitely help in the matter and the frauds will be reduced.

    Today, banking sector is struggling to fight with the hackers and fraudulent people who are devising newer and newer techniques to cheat people and exploit the vulnerabilities in the digital systems. On one side banks are bringing in tough measures and on the other hand the hackers are breaking the codes in one way or other.

    Unfortunately the hackers are equally qualified and intelligent as the IT persons managing the online banking operations and maintenance of complicated softwares. So the fight is going on and gullible customers are facing the inconveniences and losses time to time.

    Knowledge is power.

  • #649620
    Surely, This OTP to the mobiles for each and every withdrawal of cash from the Bank's ATM will really help the fraudsters to get ousted. This is a 100 percent foolproof system to be introduced by all the banks. We are not worried about the time saved, but the money saved.
    No life without Sun

  • #649638
    Though the idea of OTP for ATM transactions is bringing more safety, there are situations where it is going to bring us problems as well. After this rule, we have to rely on the mobile phone to withdraw money. As we know, sometimes we don't get coverage on mobile phone otherwise there could be a delay in receiving the OTP from SBI. These are few which I can think of now.

    Instead of making the transactions as a strict process, SBI and other banks should think of ATM machines where people cannot put skimming devices. If someone can install skimming devices, then that shows how much vulnerable is the ATM machine in terms of security. So, banks should think of making the machines more secure instead of making a strict process for customers.

    Regards
    Rizwan

  • #649641
    What I suggest the bank has to remove the PIN typing slot and let the PIN be entered from our Mobile to which the bank account is connected and that will solve the problem to large extent. And the customer need not enter the PIN in the cabin or ATM room, he can go out and do so , so that fraudsters cannot take the Pin number even. What I feel that banking frauds and ATM frauds are held with the connivance of internal help from the banks itself, otherwise doing frauds without the knowledge of the banks cannot be possible. Anyway my suggestion is worth it and that can be implemented.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #649680
    It is a good idea to have OTP for every transaction. But there will be certain difficulties in doing so. But I fail to understand how reducing the limits will bring down the frauds. If ATMs are removed there will not be any frauds because of ATMs. But is it the solution to the problem. The authorities should think how to change the mechanism or how to redesign the machine show that frauds may be brought down. The work is to be carried out in that direction. The people who are designing the methods should investigate the various aspects where there is a chance for fraud and they should try to redesign the system.
    drrao
    always confident

  • #649694
    I think this would give good fight against the skimmers but it wont stop frauds. SBI has to think about it once as we know at every place we cannot have the signals in mobile, at such places this will be a dangerous problem for the common people. My question is why bank management is not placing any guards so that this skimmers and any wrong things can be avoided and many persons will be employed.
    move like air but don't get dust into brain


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