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Punjab National Bank introduces Safety Ring for enhanced cybersecurity

In response to the increasing number of cyber frauds, Punjab National Bank (PNB) has launched a new feature called Safety Ring for its Internet Banking System (IBS) and Mobile Banking System (MBS). This optional feature adds an extra layer of security to help minimize losses in the event of unauthorized access by fraudsters.

The Safety Ring feature allows customers to set a daily transaction limit specifically for term deposits (TDs), either for online closures or for availing overdraft facilities on TDs, up to a pre-determined limit. This limit serves as a consolidated cap across all digital channels, ensuring that transactions involving TDs cannot exceed the set amount.

Customers can set their Safety Ring limit either through PNB branches or online via IBS/MBS. The limit can be modified through online mode and will be effective after a cooling period of 24 hours or through the branch instantly. To restrict unauthorized online cancellation of limit by fraudsters, cancellation is available through branches only, PNB stated.

PR Newswire

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