Using an ATM card or debit card was almost like a privilege when demonetisation was first announced, and with the possibility of India losing 50 percent of its ATMs by
March 2019, may become even more so. However, while an ATM card allows you to withdraw money with ease, shop online, and go cashless, there is a lot to do it Being well-informed can help you use your ATM
card more discreetly while staying in the current norms. Without further ado, here are five important aspects of your ATM card.
IF IT’S YOUR CARD, DO NOT ALLOW OTHERS TO USE IT
While handing over your ATM card and a PIN number to a family member may seem convenient. According to bank regulations,
an ATM card and PIN number is only used. So, if the ATM fails to dispense the money, you’ll have no discourse. Instead of risking your financial, heed the ‘non-transferable’ rule and either the invitation to a joint account getting two debit cards or visit the ATM in person.
an attempt to reduce and prevent fraud, the RBI has mandated the SMS alerts for all transactions 30 June, 2011. This way you are kept in the loop and your debit card
using the unauthorized transaction done immediately notice. In an event where you are not receiving such alerts, pay a visit to your bank and double-check your registered mobile number too.
UPGRADING TO CHIP CARDS IS MANDATORY
The RBI has directed debit cards with magnetic strips to be replaced with cards that have an EMV chip and are PIN-based by December 31, 2018. This means if your card is not an EMV chip embedded in it that runs on a PIN, it will be ineffective and not function from January 1, 2019. Make sure you put it down in the new year!
YOUR MONEY CAN BE LOST IN TRANSIT
While booking movie tickets, paying utility bills, or conducting other transactions online, you may get debited for a sum that will be available to your payee. This is
possible due to technical glitches, and you must be reusing the same mode of payment immediately. The deducted amount is usually refunded to your account within about five days and if it is not, it is important that you reach out to your bank.
IT’S ON YOU TO USE IT SECURELY
Did you know that both online and offline transactions with your ATM card are risky if you do not take adequate alert? Card skimming, which involves recording the
data on the magnetic strip of your cars, is one of the biggest risks. In fact, in August 2018, banks lost Rs 20 lakh in Kolkata, thanks to card skimming, the shiny, new posterchild of ATM card fraud. In such cases, your PIN is usually recorded by
placing cameras in ATMs or by shoulder surfing, where people may be standing behind your machine as you enter your machine.
Additionally, you should beware of scamming sites and fake apps that replicate brand websites and applications. Their main goals are tricking you in making a payment. While you may practice your
writing, you can also watch for malware and public Wi-Fi. So be careful of free internet, and keep your smartphone and laptop protected with the right security
software. Now that you are a little better informed, pay heed to all your ATM card transactions.