The Impact of Financial Security Enhancement Through One Time Password in ATM Cash Transactions
Nitin Bansal · 2025
Providing security to bank customers is the prime responsibility of banking institutions. These institutions upgrade their services to provide convenience-based banking exposure. Automatic Teller Machines (ATMs) assist the bank's customers to operate independently. ATMs verify the authenticity of the user through a 4-digit personal identification number (PIN) only. The State Bank of India (SBI) has initiated a double security check system to minimize the probabilities of banking frauds through ATMs. SBI customers must provide a one-time password (OTP) along with a PIN to complete the cash withdrawal transaction through the SBI ATM. The objective of the study is to analyze the impact of financial security enhancement in ATMs cash transactions through one-time password on the probabilities of banking frauds through ATMs. The study has used primary data collected through a questionnaire from 422 respondents. The study resulted that one-time password has enhanced the financial security function of ATMs and now the probabilities of ATM frauds has been reduced substantially.