Read this to save yourself from the new ATM fraud

  • Blog Title
    Blog posted on : 24-03-2021

    Read this to save yourself from the new ATM fraud

    ATM Skimming has become common these days as there is a huge network of fraudsters who are trying to loot your money by creating duplicate credit and debit cards. A device known as a skimmer is installed in the ATM and when you swipe your card in it, the device gathers all the important data that is required to make a dummy card. This card looks and functions the same as your original card does but the fraudsters also require your ATM PIN for which they install a small unrecognizable camera inside the ATM center. Although ATM fraud is carried out diligently, you can take these precautionary measures to deal with it:

    Avoid using ATM cards too often 

    If you use your ATM cards too often then you should avoid this habit because you never know which ATM might have an ATM card skimmer installed inside it. You can use a mobile wallet, net banking, UPI payments these days as most shops accept payment through them. 

    Check for the skimmer 

    The best way to avoid ATM card cloning is to check for the skimmer by yourself. The skimmer is usually present inside the slot machine and is fixed temporarily with the help of adhesive tape or glue. 

    If you find that the card slot has unusual dimensions or shapes then the chances of it being tampered with will be high. These days, even duplicate keyboards are being used and therefore, if the keyboard looks bulky then you must be careful before using it. 

    Also, look for the camera as well and it can be a small device placed at the ceiling or corner near the ATM. If you don't spot the camera, cover the keyboard with a hand while entering your PIN. 

    On finding anything that is suspicious or abnormal, you can contact the bank immediately and you can also call the police to take the necessary action. 

    Set SMS updates 

    Set SMS alerts for your debit/credit cards so that your bank will send an SMS reminder for each transaction automatically. By doing so, you will immediately come to know when a fraudulent transaction takes place. 

    If you come across such transactions, you can contact your bank to block your card immediately to prevent further misuse of your payment card. 

    Despite taking all these precautions, you might still face an ATM fraud and the chances of it getting robbed or lost cannot be ignored as well. To provide complete protection from ATM cloning and different types of ATM fraud in India, Bajaj Finserv is offering a wallet care insurance plan.  Following are the key features of this insurance plan:

    High & Comprehensive coverage  

    You will get coverage of up to Rs. 2,00,000 by paying a minimum premium of only Rs. 699. Also, a financial cover of up to Rs. 1,00,000 is provided for transactions done by ATM skimming and other frauds done by using your payment cards. 

    Apart from ATM fraud coverage, this insurance plan also provides coverage for online theft, telephishing, fraudulent activities done by using your PIN illegally, and much more. 

    SIM blocking & Other benefits 

    The extra benefits of this plan include SIM blocking in case your mobile gets stolen or lost. Even a free replacement of a PAN card is provided under this wallet insurance policy. 

    Emergency coverage 

    If your ATM or wallet is lost while you are on a trip, then will you receive financial assistance of Rs. 1,00,000 or Rs. 50,000 depending on whether you are on a foreign or domestic trip. These exclusive benefits and offers make it one of the most effective insurance plans for your ATM cards and wallet.