Bank ATM Fraud: Do you use credit or debit cards? Beware of loss

Bank ATM Fraud: Do you use credit cards and debit cards? Your money is in danger and you should be aware of how to stop potential losses.

Bank ATM Fraud: Do you use credit or debit cards? Beware of loss
There are many ways miscreants carry out bank ATM frauds and the cost is borne by the poor person who is robbed off his hard earned money. Image source: Pixabay
By ZeeBiz WebTeam
Updated: Sun, Jul 22, 2018
01:16 pm
ZeeBiz WebDesk
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Bank ATM Fraud: Do you use credit cards and debit cards? Your money is in danger and you should be aware of how to stop potential losses. There are many ways miscreants carry out bank ATM frauds and the cost is borne by the poor person who is robbed off his hard earned money. From cloning of credit and debit cards by shop or petrol pump attendants to plain and simple daylight robbery by weapon wielding robbers, a person is never safe where his money is concerned.

Needless to say, by not exercising enough caution while going about carrying out your financial transactions can also lead to major worries and even crisis situations. A huge number of people have lost their life's saving because they did not exercise enough caution. Now, it emerges that fraudsters are getting smarter than ever. It so transpired that a person visited a bank ATM to withdraw money with his credit card.

The person walked in, flashed the card, inserted it, punched in the PIN and the ATM machine dutifully disgorged the amount that was asked for. However, unfortunately, the bank ATM cabin door was not closed and people were standing there waiting for their turn to withdraw money. Among them was a person who was recording every move being made by the person who thereafter, lost a lot of money.

It turned out that the miscreant managed to note down accurately the PIN number and he proceeded to subsequently withdraw a large sum of money. The loss was indeed crippling.  Fortunately, help was on way. Police actually arrested 2 men who were involved in over 200 ATM fraud cases in Delhi and surrounding areas. At that time, they had as many as 37 ATM cards of different banks.

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The biggest lesson to be drawn from this is that anyone who goes to the bank ATM should first look if there are any hidden cameras inside, near or above the ATM machine from where they could note the ATM card PIN. Secondly, whenever a person withdraws money, they should cover with their other hand the process of punching in the PIN and also ensure that there is no one present in the cabin with them and the door is closed.