Punjab National Bank Unveils 'Safety Ring' for Enhanced Cyber Security

Punjab National Bank (PNB) introduces 'Safety Ring', a new security feature in its internet and mobile banking systems. This optional feature allows customers to set daily transaction limits on term deposit closures and overdraft facilities, offering an extra safety layer to minimize losses from unauthorized access.

State-owned Punjab National Bank (PNB) on Tuesday unveiled a new security feature called 'Safety Ring' within its internet and mobile banking systems. This announcement comes in response to the increasing number of cyber frauds. The new mechanism aims to provide an additional safety layer to minimize potential losses in case of unauthorized access by fraudsters, as stated by PNB.

'Safety Ring' is an optional feature that allows customers to set a daily transaction limit concerning term deposits (TDs) on online closure or availing of an overdraft facility up to the set limit amount. The limit set by the customer becomes the consolidated digital channels limit, which governs the extent to which the TD can be closed or used for an overdraft facility, according to the bank.

Once the limit is set, the safety feature ensures that the term deposit cannot be closed, withdrawn, or used for loans (overdraft) beyond the customer-defined limit through any digital channels, providing robust security to PNB's digital banking customers.

(With inputs from agencies.)