There are many ways to secure ATM cards. As technology develops, the chances of you being robbed are also increasing .Banks issue ATM cards to their customers, ensuring complete security for the money invested in the account. Banks and customers alike are threatened by fraudsters who bypass security technology.
Even though a few years have passed since ATM revolutionized our banking sector and made it into the wallet of every person in the country, most people do not know all the details. Another challenge is the increasing number of ATM frauds. The confusion that followed the government’s proposal to replace magnetic strip cards with chip fasteners is not trivial.
The Reserve Bank’s suggestion that EMV chip cards should be replaced with Magnetic Type-only credit / debit cards has caused confusion among users. But keep in mind that this was a proposal issued by the Reserve Bank in August 2015. This proposal has been intensified by the banks as the number of bank frauds, particularly frauds caused by cloning of magnetic stripe cards, has increased in the country. The proposal applies to all regional rural banks and other co-operative banks in the country.
Everybody should remember that banks are mandating that the chip attached card must be delivered to the customer. The directive was to ensure that customers received EMV chip and ‘PIN’ security cards before 31st December 2018. Security is more than magnetic strip cards because information is stored on the chip on the new card. Most banks will inform you that you will receive your unnamed ATM debit card at the bank branch soon. Information about the refund will be available within 7 to 10 days.
At the same time, the Reserve Bank has not said that it does not allow old (chipped) cards. In addition to chip cards, chip cards must be customized to accept ATM and Point of Sale (POS) machines throughout the country. But users need not be afraid.
Moreover, the user is perfectly secure if he does not share one-time password (OTP) or other account information with anyone. The Reserve Bank has stated in July 2017 that it is the responsibility of the bank, not the user, if the bank receives an SMS / email notification within three days of the occurrence of a fraud. Therefore, the information available is that there is no barrier to using an existing card.
ATM and Internet banking reflected in the banking sector the revolution of digitalization. Even if it does not have the blessing of conducting cash transactions as cashless, we will digitally withdraw cash from our account without knowing it. In the event of ATM theft being widespread, it may be helpful to remember some security warnings issued by the defaulters for debit / credit card users.
Bank authorities do not require the account holder’s personal information or credit / debit card-related information by e-mail or phone. So don’t answer these questions. Ignore calls or mail from an area or link you are unfamiliar with, say credit card / debit card update. Don’t give anyone a copy of your card or statement. Do not write down your Card PIN or CVV number in any place. Always check Transaction SMS. If you have omitted or changed the phone number / email associated with the bank, you should inform the bank as soon as possible and update the information. Do not pass the one-time password that you receive during transactions. You must ensure that every transaction you make is received by SMS or email. Don’t give your card to anyone else. Always keep the customer’s customer care number in the bank