Punjab National Bank (PNB) has recently introduced a new security feature called ‘Safety Ring’ within its internet banking and mobile banking systems. This additional layer of security aims to minimize potential losses in response to the rising number of cyber frauds.
The ‘Safety Ring’ feature is optional and allows customers to set a daily transaction limit for term deposits (TDs) when closing them online or availing overdraft facilities on TDs. Customers can set the limit amount, which should be the consolidated digital channels limit for closing TDs or availing overdraft facilities on TDs.
Once the limit is set, the ‘Safety Ring’ ensures that TDs cannot be closed, withdrawn, or used for loans beyond the customer-defined limit through any digital channels. This mechanism provides an additional safeguard against unauthorized access by fraudsters.
The introduction of the ‘Safety Ring’ by PNB demonstrates the bank’s commitment to enhancing security measures and protecting customers from cyber fraud. By empowering customers to set transaction limits, PNB aims to provide an extra layer of protection and minimize potential losses.
It is important for customers to stay vigilant and take advantage of such security features to safeguard their financial transactions and personal information. By utilizing the ‘Safety Ring’ and following recommended security practices, customers can enhance their online banking experience and protect themselves from potential cyber threats.
