In a proactive move against the escalating risks of cyber fraud, Punjab National Bank (PNB) has unveiled ‘Safety Ring,’ a robust security feature integrated into its internet and mobile banking platforms. This new mechanism, introduced on Tuesday, is designed to mitigate potential losses from unauthorized access by fraudsters, according to an official statement from PNB.

‘Safety Ring’ offers customers the option to set a daily transaction limit specifically for term deposits (TDs) concerning online closures or the use of overdraft facilities on TDs, up to a predefined amount. Once established, this safeguard ensures that TDs cannot be closed, withdrawn, or utilized for loans (overdrafts) beyond the limit specified by the customer across all digital channels.

This initiative underscores PNB’s commitment to enhancing cybersecurity measures and safeguarding customer assets in the digital banking realm amid growing concerns over cyber threats.