How to safe guard your ATM card and ATM transaction

How to safe guard your ATM card and ATM transaction

An ATM card is a bank card used to access an ATM. Virtually everyone who has a checking account also has a card that can be used at an ATM, in the form of a debit or credit card.  Now all the Banks link your ATM card to Visa and Master to enable the ATM card to do purchase though Merchant establishments and online transaction. It cut across all the boundaries and enable cross border transactions. The risk connected with ATM transaction is directly proportionate wider usage of the cards.  Would you give a thief direct access to your checking account or savings account?  Unfortunately, you’re doing just that by using your debit card carelessly. With credit cards, you can flag suspicious charges on your bill and decline the charges before making your final payment. On the other hand, debit cards take money directly from your account, which makes them juicy targets for cash-hungry fraudsters. How to protect our transactions against on-going frauds

Stay alert

A very basic requirement while accessing an ATM is to stay alert at all times. Check for any suspicious activity or person in and around the ATM. Make sure you are not being followed and that nobody is spying on you. Check for a CCTV; try to use an ATM that has one – or at least one that has a security guard outside. Count your money inside the ATM or only when you reach a safe place. It is not advisable to handle cash in an open public area. 

Keep your PIN a secret

Your PIN is your signature and authority for doing the transaction in your account. Hence you have a responsibility to protect the same more than your signature. Change your PIN at frequent intervals. Do not have dates connected with your life or properties as ATM pin although it will be easy to remember. I have seen people write the ATM PIN on the back of the card which is more dangerous like leaving your wallet with cash in public area as ATM card is more than equal to cash.

Choose the right location

Using a secured ATM is essential for your safety. Always use an ATM that is on a busy street or in a secure building. Avoid using an ATM after midnight or one that’s in a deserted place. Even if you are using the ATM at night, ensure it is not in a dark corner. Do not use an ATM if you feel the surroundings are unsafe or notice any suspicious persons lurking around.

Don’t ask strangers for help

You may wish to seek help from strangers if you happen to get stuck while using an ATM. While this may be okay in an emergency, never disclose your PIN or get them to transact on your behalf. Do not count your cash in front of others. Asking for help should be a last resort; ideally try to avoid using that machine and look for another. 

Ask your bank for assistance

Go to your bank for help if you face any issues while using their ATM. In some instances money may get debited from your account, but you may not receive it. Or you might not be able to access your account at all. Or your card may get pulled into the machine. In such situations, dial your bank’s toll-free assistance number immediately. This toll-free number can be easily found online or on bank’s official website. They will suggest a way out. Also use this feature if you ever lose your card, or if it gets stolen.

Check the ATM carefully

There have been instances where fraudsters have rigged inconspicuous electronic devices called ‘skimmers’ that can record anything you input. So, inspect the machine carefully – especially the keypad and card slot – before you enter your PIN. Sometimes these devices may even withhold your cash. In such cases, visit your bank branch or call the toll-free number for assistance. As an added precaution, do not throw away ATM receipts carelessly, as the information in them could be used against you. 

Precautions

? Regularly update the contact information (i.e. mobile number, e-mail, address, etc.) that you gave to the bank. This will make it faster for the bank to notify you of any suspicious transactions.

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? Whenever you use the ATM card for online transactions. Shop with credible merchants and look for secure transaction symbols like the “lock” icon on your browser. Avoid using public hotspots for online payments.

? Regularly check your account balance and transaction history. If you see anything suspicious, immediately report it to the bank. Follow your SMS alerts regarding any transactions and all banks provide such services even if it is on cost bases.

? Take note of the emergency hotline/customer service number at the back of your card and call it immediately in case your card gets stolen.

? Set the ATM withdrawal limit though the NET banking and keep it at a minimum. If case you want to withdraw more you can modify the same and restore it back to the old value. This will reduce the loss in the event of fraud.

? Make use of setting for international transactions using your ATM card as these transactions not a usual one. You can enable International transaction whenever there is need for the same.

? If the ATM card is lost and misplaced, the first thing you should do to hotlist your card either though internet banking or Phone banking. Never delay it unless you are sure that you have not really lost it.

? The remedial measures will be time consuming and cause anxieties which can be avoided if we take precautions.

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