India’s Canara Bank has implemented PIN + OTP cash withdrawal service at all its ATMs, in collaboration with ACI Worldwide.

The facility leverages ACI’s portfolio of Universal Payments solutions and is available for all Canara Bank card holders.

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It provides another layer of authentication thereby mitigating the threat of unauthorised access and fraudulent cash withdrawals.

Canara Bank has implemented the service for cash withdrawals above INR10,000. The system automatically verifies the requested transaction amount; and when it crosses INR10,000 it sends an OTP to the card holder in real time.

Simultaneously, it sends a response to the respective ATM to switch to the OTP entry screen.

Such PIN + OTP cash withdrawal service will authenticate the customer for a single transaction.

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ACI Worldwide South Asia vice president and country leader Kaushik Roy said: “With the digital payments landscape evolving each day, transactions are vulnerable to fraud, putting customers at increased risk.

“Introducing an added layer of security by way of an OTP-based secure mechanism is a precautionary step by Canara Bank to guard against unauthorised transactions.

“Given the newer methods employed by cyber criminals to commit ATM and debit card-related fraud, this is an innovative solution by Canara Bank to meet the needs of their customers.”

Canara Bank has more than 8,800 ATMs across India.

Last month, the Indian government announced to merge Canara Bank and Syndicate Bank. Recently, Canara Bank gave its in-principle nod for the combination.