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Avoid these mistakes in ATM transactions

IamCheated.com Research Team | July 25, 2019  6:40:pm

Avoid these mistakes in ATM transactions

We all use ATM cards each day to carry out various transactions. You can't imagine even a single day without your ATM card. ATM cards are used for various purposes like withdrawing cash, making payments at restaurants, pubs, malls, and so on.

We use our ATM cards to make online payments. While ATM cards are used by many people, ATM frauds too are on the rise. If you are not careful while making any transactions using your ATM card, you can lose hard-earned money to fraudsters. So, in this blog, we will discuss the mistakes you must avoid while making transactions at ATMs.

See Also: Beware of ATM Card Swapping Fraud

Avoid these mistakes in ATM transactions

1. Phone Banking

To avoid fraudulent transactions with your debit card, register your mobile number with the bank account. When you register your mobile number, you will receive SMS from your bank for each transaction made, using your debit card. In the case of unauthorized transactions, you must report it to the bank immediately and reduce your liability. So, you must never make the mistake of not registering mobile number with current bank account.

You must avoid the mistake of storing the ATM PIN on the mobile phone. If someone steals your mobile phone, they can easily access all the information you have stored. So, it is always advisable to memorize your PIN number.

2. Card skimming

Card skimming is the most common method used by fraudsters to steal money from your bank account. Under this fraud, a small device called skimmer is fixed inside the ATM slot. When you insert your card in the ATM slot, all card data is stolen. So, you must be very careful while inserting your card at an ATM. Avoid using the ATM which has got bulky or loose slots. If a skimmer is inserted on the top of the original card reader, an ATM slot would look slightly bulky.

3.  ATM card swapping

Under ATM card swapping, fraudsters replace your original ATM card with a dummy. This is usually done by offering help if you are stuck at the ATM. They even capture your PIN, while you enter it. So, it is advisable to avoid the mistake of taking the help of strangers, while withdrawing money from the ATM. You should never let strangers inside the ATM when withdrawing cash.

4. Fake telecaller

Fake telecallers call bank customers by claiming to be from the bank and collect their personal banking information like card number, expiry date CVV and OTP. This information is used to carry out a fraudulent transaction. So you must never make the mistake of sharing personal information with anyone.

See Also: Things to do on a Failed ATM transaction

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