Banks in India are launching safety features for internet banking due to the increasing number of cyber frauds. These frauds can involve unauthorised access to accounts, theft of money, and other financial losses.
State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature ‘Safety Ring’ within its internet banking system and mobile banking system in response to the increasing number of cyber frauds.
This mechanism provides an additional safety layer to minimise potential losses in case of unauthorised access by fraudsters, PNB said in a statement.
Safety Ring is an optional feature that allows customers to set a daily transaction limit concerning term deposits (TDs) on online closure or availing overdraft facility on TDs up to the set limit amount, it said.
The limit set by the customer should be the consolidated digital channels limit up to which the customer can close the TD or avail overdraft facility on TD, it said.
Once set, it said, the safety feature ‘Safety Ring’ ensures that TD cannot be closed, withdrawn, or used for loans (overdraft) beyond the customer-defined limit through any digital channels.
ICICI Bank ‘Smart Lock’
Recently, private lender ICICI Bank announced that it has launched ‘SmartLock’, a unique safety measure to enable its customers to lock/unlock multiple banking services instantly, without seeking help from a customer care executive through phone or e-mail.
Available on iMobile Pay, it empowers customers to lock/unlock access to internet banking, UPI (including payments from other UPI apps linked to the Bank account), and credit and debit cards, simply by clicking a button, thereby taking the safety of their account in their own hands.
SmartLock also allows customers to lock/unlock the entire iMobile Pay.
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