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India's Canara Bank launches OTP-based ATM cash withdrawal service

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September 26, 2019

India's Canara Bank has implemented PIN and one-time password withdrawal at all its ATMs in partnership with ACI Worldwide, according to a company press release.  

The system uses ACI's family of Universal Payments solutions and provides another layer of authentication to guard against fraud. It is available to all Canara Bank card holders.

"Introducing an added layer of security by way of an OTP-based secure mechanism is a precautionary step by Canara Bank to guard against unauthorized transactions," Kaushik Roy, vice president and country leader, South Asia, at ACI Worldwide, said in the release. "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 implemented the service for cash withdrawals above 10,000 rupees ($141). The system automatically verifies the requested transaction amount. If the amount is above the threshold, it sends an OTP to the card holder in real time. 

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