Attention PNB Users: A large number of people fell victim to cyber fraud between January and April 2024, due to which they lost more than Rs 1,750 crore. The bank has said that this safety ring provides an additional security layer in case of cyber crime.
Attention PNB Users: Punjab National Bank has recently implemented a new safety feature called ‘Safety Ring’ in its online and mobile banking platforms to deal with the growing threat of cyber fraud. PNB said in a statement that this safety feature provides an additional safety layer to minimize potential losses in case of unauthorized access by fraudsters.
Between January and April 2024, a large number of people fell victim to cyber fraud, causing them a loss of more than Rs 1,750 crore. 7.4 lakh cyber crime complaints were registered on the National Cyber Crime Reporting Portal operated by the Ministry of Home Affairs.
Optional Safety Feature
Safety Ring is an optional feature for customers, through which they can set their daily transaction limit. It allows customers to set the daily transaction limit in respect of term deposits on online closure or avail overdraft facility on TD up to the prescribed limit amount.
Option to set limit
Customers have the option to set the limit either in person at the branch or digitally through IBS/MBS. IBS users can access emergency services by logging in, selecting the safety ring and entering the set limit amount. They will then have to provide their OTP, transaction password and answer two pre-set security questions.
According to an ET report, the Indian Cyber Crime Coordination Centre (I4C) recorded an average of 7,000 cybercrime complaints per day in May 2024, showing a growth of 113.7% from 2021-2023 and 60.9% from 2022-2023, of which 85% were financial online frauds.
