Banks Suggest 12 Hours Gap Between 2 ATM Withdrawals

Delhi State-Level Bankers’ Committee (SLBC) have come up with suggestions for measures to prevent ATM frauds, including a time lag of six to 12 hours between two transactions.


How Could ATM Frauds Come in Check?

A meeting of 18 bank representatives met in Delhi, to ideate and come up with solutions for reducing the number of ATM frauds that have deeply rooted itself in the country.

Considering that a lot of these frauds take place particularly from around midnight to early morning, Mukesh Kumar Jain, MD and CEO of OBC suggested that a bar on transactions for a certain period could turn out to be helpful.

Not just this, the committee also came up with the idea of including a time lag of six to 12 hours between two transactions. If this proposal is accepted, of course for public’s own good, we can expect that people wouldn’t be able to withdraw cash for a stipulated period in a day. Several other methods too have been suggested, like coming up with an OTP-linked withdrawal alerts on the phone number of the card holder, similar to the one used for online transactions using credit or debit cards.

Bankers are also looking at a centralised monitoring system for ATMs with a two-way communication. This means that the camera will keep an eye on the ATM machine even if the guard doesn’t. As of today, out of 2600 ATMs of OBC, 300 are covered by this system. In fact, through such a mechanism, OBC is expecting an annual savings of around Rs 50 crore as guards will become redundant…..Read more>>