Recently, a number of netizens shared on Facebook their disappointment after experiencing suspicious bank account withdrawals and purchases done without their knowledge. With compromised cards and data breaches becoming widespread, there is no denying that ATM fraud is advancing and is slowly becoming one of the top worries of consumers. Being in control of your account is necessary to obtain peace of mind amidst the increasing threats against bank security.
How do you arm yourself against this kind of fraud?
Check ATM installations before every transaction. The most common form of skimming occurs when you use an ATM machine and don’t realize that an ATM card skimming device is already installed. This device will “skim” or capture your card details and, along with your PIN that was captured by a tiny hidden camera installed near the PIN pad, will be used to produce a counterfeit ATM card to withdraw your money. Shake the card slot to ensure that there are no foreign objects attached to it. It is also advisable to check the PIN pad if it is suspiciously overlayed or if there are any hidden cameras under the pad cover.
Monitor your account regularly. Regularly check your account balance and transaction history. Review your account statements promptly and report any discrepancies or suspicious transactions, such as deposits and withdrawals made that you are not aware of, to the bank immediately.
Use online banking. Enroll your account to the Internet banking facility or download the mobile app of your bank. This will help you quickly access and check your transaction history to identify unusual movements in your account.
Subscribe to bank transaction alerts. With these alerts you will be notified via SMS on deposits, withdrawals, fund transfers, payments and other bank transactions made on your account. You will, therefore, know immediately once there are unauthorized transactions or if your account has been compromised. This will allow you to report to your bank and provide details much sooner.
Lock your ATM card. PSBank, for instance, has an ATM Lock feature for its clients who have accounts linked to a PSBank Debit, Prepaid, and Flexi ATM card. The PSBank ATM Lock is an additional tool to ensure your accounts’ safety. It empowers you by giving you an added layer of security and protection against unauthorized use of your ATM card, arising from ATM loss, theft, skimming, and other forms of electronic fraud. All you need to do is activate the ATM Lock feature. With your ATM card locked, it may not be used for any ATM, point-of-sale, or online transactions that require the card number. Your ATM card, therefore, becomes useless should it fall into the wrong hands.
“Nobody wants to find their hard-earned money suddenly stolen away by criminals. Although PSBank has put in place several security measures to protect its customers, clients who keep a close eye on their accounts and secure banking habits can go a long way in helping protect their investments,” PSBank First Vice President and Information Security Head Dan Duplito said.