With the rising number of online bank frauds, financial institutions are taking various measures to protect their customers' money from fraudsters.
India's largest public sector bank SBI has introduced a feature that allows its customers to lock their internet banking (INB) access when it's not needed.
The SBI internet banking website says, "For better control & security of your account, you can Lock or Unlock your INB access through link 'Lock & Unlock User’ available in Home/Login Page. "
Notably, this feature can be used only by retail customers. Corporate users do not have an option to lock their INB access.
However, this lock/unlock feature comes with a hitch. It is very important to remember your profile password before locking your internet banking.
Remember, profile password is different from your login password. It is an additional security password which you must have created when you logged into your internet banking account for the first time.
Profile password is used to access your profile details or make changes to it such as mobile number, adding a third party via internet banking etc.
If you have forgotten your profile password, reset it first before locking your internet banking access.
Here's how you can lock/unlock your internet banking access
1) Go to the SBI internet banking website https://www.onlinesbi.com/
2) On the left-hand side, under personal banking section, you will find the 'Lock & unlock user' option.
3) Once you click on that option, you will be led to a new window.
4) Now click on the dropdown next to the first option 'Select lock or unlock user access' and choose one of the two options given.
5) Then, fill your basic account details such as username, account number and enter the captcha code.
6) Once you are done, click on 'Confirm.' Now, a new pop-up will appear on your screen which will state:
a) You can lock your internet access if you feel there is any unauthorised access/transaction being performed in your account.
b) The scheduled transactions and standing instructions, if any, set by the user will continue to be active and get executed as usual.
c) By clicking 'OK', your internet access will be locked and you will not be able to perform any internet banking transactions.
7) Now click on 'OK' if you agree with all the above-mentioned conditions.
8) A one-time-password (OTP) will be sent to your registered mobile number and your email ID.
9) If you want to lock a joint account, then the OTP will be sent to the primary account holder.
10) Repeat the same procedure if you want to unlock your INB access.
According to a RBI report, India has witnessed Rs 71,500 crore worth bank-related frauds in 2018-19. Most of the frauds occurred by way of cheating and forgery.
The report also stated that the number of cases of frauds reported by banks had risen by 15 per cent in 2018-19 on a year-on-year basis.
Among bank groups, public sector banks, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19. They were followed by private sector banks and foreign banks.