32 lakh ATM cards hacked: How to shield ourselves from fraudsters

As 32 lakh debit card holders are left in the lurch with their data compromised, funds siphoned off and suspicious offshore transactions, vulnerability of our ATM cards and swiping machines is exposed.

A recent report from Assocham and PWC points out that 65 per cent of all fraud cases reported by banks are technology related. In April-December 2014 alone, more than 9,300 cases involving credit and ATM cards were reported.

Interestingly, in June 2016, RBI had asked banks to immediately put in place a cyber security policy to combat cyber threats, given the level of complexity of business and acceptable levels of risk. But still, it seems, we have refused to learn our lesson.

Watch: ATM card hacked? Yes Bank, Axis Bank consumers at risk:

Here is how you can protect yourself:

1. Set a daily transaction upper limit on your debit card to avoid large transactions.

2. Change your PIN frequently to avoid detection and keep it confidential.

3. Regularly check your bank statement and track each transaction.

4. Avoid using ATM machine at a mall or in a nondescript location.

5. While using ATM machine, cover the keypad with your hand to hide your PIN.

6. Avoid using ATM of different banks, stick to your own bank.

7. Update your phone number and email for instant transaction information

But if your are caught in the net, here is what you need to do:

1. Immediately call your bank and block your debit card.

2. Give details of the debited amount to your bank.

3. If unauthorised funds have been deducted, the bank is liable for it.

4. Lodge a complaint with the nearest police station and keep a copy of the report.

5. You can also send a legal notice to the bank to settle dues.

6. If banks dismiss your case, approach ombudsman within 30 days.

7. If you are aggrieved by ombudsman’s decision, approach appellate authority, the deputy governor of RBI.

8. National Consumer Commission is another platform to address your grievances.

For now, the finance ministry has directed all the banks to cross-check their systems and immediately block the card if debit card fraud is detected. The ministry has also directed banks to ensure that all the compromised cards are replaced without any cost to the customer.

Also read: How Modi sarkar is using digital transactions to curb black money