What if we lost our ATM card and someone withdraws our amount and money gets deducted from our bank account. It feels sad, Right?
What if a father gives his card to his son and he withdraws more money than he asked his dad? And might be the many unknown transactions that are going in our day to day life.
To avoid all these fraudulent transactions, Canara Bank launches a new feature that is the first time in India to its customers. That is getting an OTP for the transactions that are over of 10,000 Rupees. Canara Bank announced this news on their official Twitter account.
Advantage and Disadvantages of this feature?
To be honest, This new feature is going to secure all the fraudulent transactions that are happening and going to happen in India without knowing to the owner of the account.
The main disadvantage of this feature will be, If we lost our mobile and someone knows out ATM PIN, it is very very easy to withdraw money to the other user.
What if we are going to withdraw the money at a hill station or a place where there will be no signal?
And what if someone knows our PIN and withdraw the money less than 10,000 INR.
It will be the best thing if Canara Bank launches this feature to all the amount might be less than or greater than the 10,000 rupees.