As the number of people using online transactions is high, bank frauds are also on the rise and a lot of people have lost lakhs of rupees from their bank accounts without their knowledge. They get to know that they are victims of fraud only after the money vanishes from their bank accounts. So, it is really important to be very careful to save yourself from fraud.
As bank frauds rise, banks have come up with various steps to save customers from fraud. The country’s largest bank State Bank of India (SBI), has come up with an OTP based password to make customer's transactions safer. To ensure high safety and security of your account, this OTP based password serves as the second-factor authentication password. The log-in password is one way to keep your account safe and OTP is the second layer of safety. If you would like to receive an alert through SMS or email, each time there is a transaction on your SBI Online account, you have to set up a high-security password (OTP).
At times, if the SBI OTP through SMS is not received on your phone, you may have to reset the high-security password option by logging on to the Online SBI Website. In addition to SMS, SBI account holders receive financial and non-financial transaction-related authentication details on their registered email address.
Each time any transaction is executed on your account, you will be asked for an OTP. Along with this, account holders will get alerts for various non-financial and financial transactions and authentication details will be sent to the email.
See Also: Tips by SBI for Secured Mobile Banking
If you do not receive SBI OTP through SMS you must reset the high-security password options. This can be done by logging on to the Online SBI Website.
Here is the procedure to set a high-security password (OTP) using the internet banking website of SBI.
1. You must first log on to SBI’s online website using your username and password.
2. Click on ‘My accounts & profile’ after you login.
3. In the next step, you click on the 'High-Security Password' link and go to the next page using your Profile Password.
4. In the new page, you will be shown some security options, you need to set based on your choice.
In case you select 'Yes' you will be getting OTP for all the transactions. In case you select ‘No’ you will not be getting OTP for transactions up to Rs 10,000 done cumulatively during a day.
It is advisable to set yes so that you receive an alert for each transaction.
If you select 'Yes’, you will be getting a One Time Password (OTP) for each merchant transaction. When you select ‘No’ you will not get the OTP for transactions up to Rs 5,000 done cumulatively in a day.
It is advisable to set "YES" so you receive an alert on each transaction.
You have to select any one of the following:
(i) SMS (ii) SMS and email (iii) State Bank Secure OTP (Mobile App).
It is advisable to select SMS and Email.
Not happy with a product or service? Just visit IndianMoney.com’s complaint portal IamCheated.com and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis. You can also publish reviews about companies on IamCheated.com