ATM withdrawals: Banks may introduce 6-12 hours gap rule

New Delhi: Bank may introduce new rules to prevent ATM frauds. The rules may include a time gap of 6 to 12 hours between two ATM transactions.

According to the report published in Times of India, these suggestions were made at the Delhi State-Level Bankers’ Committee meeting.

Mr. Mukesh Kumar Jain, MD and CEO of Oriental Bank of Commerce, the Delhi SLBC convener said that most of the ATM frauds take place between midnight and early morning.

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Number of ATM frauds during 2018-19

It may be mentioned that during 2018-19, Maharashtra topped the list of states where ATM frauds took place. 233 ATM frauds were reported in the State. In Delhi, 179 such cases were reported and it appeared in the second position of the list.

In the entire country, 980 cases of ATM frauds took place during 2018-19.

One-Time-Password (OTP)

Other suggestions were also made to address the issue. OTP was one among them. Its working is similar to that of online payment using Debit or Credit card.

Two-way communication

A suggestion of two-way communication was also made. If it is implemented, the centralized system will ask the person to remove the helmet if he/she is wearing it inside an ATM center.

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