PNB introduces Safety Ring mechanism to enhance security for internet, mobile banking users

State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature ‘Safety Ring’ within its internet banking system and mobile banking system in response to the increasing number of cyber frauds. This mechanism provides an additional safety layer to minimise potential losses in case of unauthorised access by fraudsters, PNB said in a statement.

Once set, it said, the safety feature ‘Safety Ring’ ensures that TD cannot be closed, withdrawn, or used for loans (overdraft) beyond the customer-defined limit through any digital channels.

Source: The Economic Times