As cyber fraud cases continue to rise, banks in India are prioritizing consumer safety by launching new security features for internet and mobile banking.
Two leading banks, Punjab National Bank (PNB) and ICICI Bank, have recently introduced enhanced security measures to protect their customers from fraud.
PNB’s Safety Ring
Safety Ring is an optional security feature introduced by PNB to add an extra layer of protection for internet and mobile banking users.
It allows customers to set a daily limit for term deposits, which restricts the overdraft facility to the maximum limit set on these deposits.
Key Features:
Daily Limit Setting: Customers can specify a daily limit for term deposits.
Overdraft Control: The overdraft facility is limited to the set daily limit.
Digital Channel Restrictions: Once the limit is set, term deposits cannot be closed through any digital channels, nor can they be used for overdrafts beyond the limit.
ICICI Bank’s Smart Lock
Smart Lock is a feature introduced by ICICI Bank that allows customers to instantly lock or unlock various banking services through their phone or email without needing assistance from customer care executives.
Key Features:
Easy Access: Available on the iMobile Pay app.
Service Lock/Unlock: Customers can lock or unlock internet banking, UPI, and credit-debit cards with just a click.
Enhanced Security: Empowers customers to manage the security of their accounts independently.
Versatility: Users can also lock or unlock the iMobile Pay app itself through Smart Lock.
