Have debit card? Use it in bank ATM? ALERT! You will now get SMS and OTP on Rs 10,000 cash transaction

Almost everyone has a debit card and they use it in bank ATM to withdraw cash. Unfortunately, fraud has been increasing and many innocent people have lost their hard earned money to fraudsters. However, things have changed! Now, you can be safer, but need to follow teh rules and do be very, very careful otherwise you will again be targetted by cheaters. 

Now, if you hold a bank account and want to withdraw cash with bank ATM debit card or credit card, you need to follow changed norms, especially, if the amount is over Rs 10,000. After recent incidents of card cloning and ATM fraud cases across the country, several banks have issued issued a guideline to their customers wherein they have advised bank account holders to take certain precautions if they want to save themselves from becoming victims of online frauds.

If you are a customer of Canara Bank and want to withdraw over Rs 10,000 with an ATM card, you should keep your mobile phone with you at the time of bank ATM transaction. Canara Bank has made it mandatory to have ATM PIN number and OTP password while withdrawing more than Rs 10,000 from ATM. In order to prevent ATM fraud, several banks in the country are likely to make OTP as well as registered phone number necessary on the ATM transaction.

Banks have resorted to taking precautionary measures of using PIN and OTP on the registered mobile phones during the ATM transactions to deal with the recurrent incidents of fraud.  In the long term, they are reportedly toying with the idea to make debit card-free transactions. 

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Notably, most ATM frauds occur during 11 am to 6 am.