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Banks alert on ATM fraud, ask customers to change PIN

Banks alert on ATM fraud, ask customers to change PIN

Zee Media Bureau

New Delhi: ATM frauds are on the rise and banks are taking emphatic steps in creating awareness in safe banking from ATMS and online.

Banks like HDFC Bank, Federal Bank and DBS have sent text messages to their customers to change their ATM PIN.

The recent cases of ATM fraud like the ones in Kerala, Delhi and Chandigarh involving lakhs of money being siphoned off from customers' accounts have put banks on their toes.

Around 60 percent of 650 million cards in India use magnetic strip to store customers information and data, which is prone to skimming. RBI has asked all the banks to migrate to secure chip-based EMV format.

To play safe, avoid transaction in an ATMs situated in poorly lit or isolated locations, or the one which is unmanned by any guard.

The ATMs with dip card reading mechanism are safer compared to machines that retain the card during the transaction.

From Zee News

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