New Delhi: Customers of Punjab National Bank (PNB) will have to adhere to new ATM rules that will kick off from February 1, 2021.
On January 14, Punjab National Bank had tweeted saying, “To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial & non-financial) from Non-EMV ATM machines from 01.02.2021. Go Digital, Stay Safe!.”
To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions(financial & non-financial) from Non-EMV ATM machines from 01.02.2021. Go Digital, Stay Safe!
— Punjab National Bank (@pnbindia) January 14, 2021
Citing customer's 'safety first' PNB has said that to safeguard its customers from fraudulent ATM withdrawals and card cloning, the bank is restricting ATM transactions from February 1 onwards.
Non-EMV ATM machines are those ATMs that do not hold the card during the transaction. While EVM ATMs are the ones which hold the card during transaction and reads data from the chip.
Among other safety measures, PNB had announced new rules for cash withdrawal starting December 1 2020. Punjab National Bank (PNB) implemented One Time Password (OTP) based cash withdrawal facility for its customers. The bank has said that cash withdrawals of more than Rs 10,000 at a time between 8 pm and 8 am from 1 December 2020 from PNB 2.0 (PNB, eOBC, eUNI) ATMs will now be OTP based. PNB customers will need OTP, sent on their registered mobile phone, to withdraw more than Rs 10,000 in these night hours.
An online survey was carried out from April 21-27 involved over 1,000 adults. Almost half of Indian consumers said that they were more concerned about digital payments fraud now than when COVID-19 first emerged. The study conducted by YouGov and US-based electronic payments company ACI Worldwide found that Card cloning was the most common concern when it comes to debit or credit card fraud, with 1 in 3 seeing this as the biggest risk. Approximately 1 in 5 cited stolen/lost cards or eCommerce/mobile channel fraud as their top card fraud threat.