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 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 through PSBank Online or PSBank Mobile app. 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.