The number of people using debit and credit cards are on the rise. It is a very convenient method of making payments. Debit cards have eliminated the need to visit the bank branch each time to withdraw cash. As the number of people using debit and credit cards is on the rise, card frauds are also increasing.
Fraudsters employ various techniques to cheat people and wipe out money from their bank accounts. You must not share PIN and OTP with anyone, as it can be used to fraudulently withdraw money from bank accounts.
If you think your money is safe as you have not shared the OTP and PIN, you are wrong. Fraudsters can actually steal money from your bank account, even without you providing OTP and PIN. A Noida based woman recently lost Rs 1.5 Lakh from her debit and credit cards, without even sharing her OTP or PIN.
See Also: Things to do after losing Debit or Credit Card
A few weeks back a lady from Noida who works for a PR agency had gone on a vacation to Paris. While she was on vacation, she lost her wallet in the metro. Her wallet had all her credit and debit cards. Within 15 to 20 minutes of losing her wallet, she lost more than Rs 1.5 Lakh from her bank account. What is shocking here is she had not shared any of her details with anyone.
The amount was debited from her account in three transactions. Two transactions worth Rs 52,499.99 and Rs 44,544.24 had taken place with her HDFC debit card and one transaction worth Rs 52,499.99 was from her HDFC credit card. Both the transactions were done at the same merchant called ASHANTI, PARIS 10/FR.
As soon as she received the messages, she informed the HDFC customer care and got her cards blocked. She transferred the remaining amount from the affected bank account to another joint bank account. She later filed an FIR in Paris.
There are many such incidents where people have lost money in foreign countries. According to the cyber security experts, you don't receive OTP while making an online transaction up to a certain amount in foreign countries using debit cards issued in India.
What hackers need is your card number and CVV. For carrying out ATM transactions, there are many ways through which hackers can gain access to your PIN. For instance, fraudsters can reset the ATM PIN, use compromised ATMs to track data or can make use for card skimmers.
Hackers have come up with many ways to bypass PIN and OTPs on both debit and credit cards. There are point of sale (PoS) machines, which don’t require OTP for carrying out transactions up to a certain amount.
If you are planning to travel abroad, you must ask your bank to reduce the minimum transaction amounts. You must continuously monitor the usage of your cards. In case of irregularities, report it to the bank as soon as possible.
See Also: How your Bank Account and Credit Card may get Hacked?
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