Customers can define a consolidated digital channels limit, which is the maximum amount up to which they can close a TD or use it for an overdraft
State-owned Punjab National Bank (PNB) has rolled out a new security feature called ‘Safety Ring’ within its internet and mobile banking systems. This move comes in response to the growing number of cyber fraud incidents.
The ‘Safety Ring’ feature adds an extra layer of protection to help minimise potential losses if unauthorised access occurs. According to a statement from PNB, this optional feature allows customers to set a daily transaction limit for term deposits (TDs) when closing them online or using the overdraft facility on TDs, up to a specified limit.
Customers can define a consolidated digital channels limit, which is the maximum amount up to which they can close a TD or use it for an overdraft. Once this limit is set, the ‘Safety Ring’ ensures that term deposits cannot be closed, withdrawn, or used for loans beyond the customer-defined limit through any digital channels.
PNB’s introduction of the ‘Safety Ring’ aims to enhance the security of its customers’ transactions and protect them from potential cyber fraud.