New Delhi: Owing to rising cases of fraud related to debit and credit cards, the State Bank of India has implemented a major change in the process of withdrawal of cash. According to the new rule, the customers now have to enter a one-time password (OTP) to withdraw cash from the ATMs.
This is reported to provide an extra layer of security against fraudsters. Hence, several other banks may introduce the OTP-based process for cash withdrawals from ATMs in near future.
Under the system, when anyone wants to withdraw cash he/she has to enter the OTP after entering the pin and the amount. The transaction will be completed only after one enters the OPT received on the registered mobile number.
Below here, we have provided a list of best practices that are going to help prevent the misuse of ATM cards:
Never give your card to unknown persons
If are asked to pay through a mobile point-of-sale then always pay in front of your sight.
Use ”Chip” cards
These days most banks issues debit cards and credit cards with chips in them. However, if you are still using the old car then switch to chip-based cards as they are less likely to be cloned.
Prefer two-step authentication for online transactions
It is advised to use two-step authentication for online transactions. Under this system, one has to enter an OTP to complete the transactions.
Keep a close watch on every message related to transaction
You must keep a close watch on every message that is delivered on your mobile phone related to banks. If can alert you bank if you found any suspicious message.
Don’t use random ATMs
In random ATMs, fraudsters may install a second ‘security’ camera to read pin numbers or any gadgets to read your card details so one should avoid using unknown ATMs.
Destroy your old receipts
Fraudsters may use old credit card charge slips and statements to commit fraud.
