Banking Safety Feature: As cases of cyber fraud are increasing, banks have become very serious about it and are launching safety features for internet banking. In the latest episode, the government sector Punjab National Bank (PNB) on Tuesday introduced a new security feature Safety Ring. Similarly, private sector ICICI Bank also recently introduced Smart Lock.
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Banking Safety Feature: Banks in India are currently focusing on consumer safety. As cases of cyber fraud are increasing, banks have become very serious about it and are launching safety features for internet banking. Fraudsters gain access to users’ accounts, which can cause a huge financial shock to users. In the latest development, government sector Punjab National Bank (PNB) on Tuesday introduced a new security feature Safety Ring for internet banking system and mobile banking system. Similarly, private sector ICICI Bank also recently introduced Smart Lock.
What is PNB’s Safety Ring?
According to PNB, Safety Ring is an additional safety layer. It is optional. Through this, customers can set a daily limit for term deposits. This will allow the overdraft facility to be availed only up to the maximum limit on term deposits. Once the limit is set, Safety Ring will ensure that the term deposit cannot be closed through any digital channel nor can it be used for overdraft beyond the limit.
What is Smart Lock of ICICI Bank?
ICICI Bank recently launched ‘Smartlock’. Through this, the bank’s customers can instantly lock/unlock many banking services just by phone or email without asking for help from a customer care executive. Through this feature available on iMobile Pay, you can lock-unlock internet banking, UPI and credit-debit cards by just clicking a button. This puts the security of your account in your own hands. You can also lock-unlock iMobile Pay through Smartlock.
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