How To Prevent Atm Fraud Which Is Increasing Day By Day

It’s not enough to just cover your keypad while submitting the PIN to the ATM as ATM frauds have become much more sophisticated nowadays. An ATM fraud can be done by ATM skimming these days by attaching a skimming device that reads all the information as you enter your card in the ATM. With the help of this information, a dummy card is created and used without taking your permission. To obtain the PIN of your device, a camera can be placed somewhere in the ATM center to detect the numbers you are entering. This entire process is also known as ATM cloning or ATM card cloning.


To safeguard yourselves from ATM fraud in India, you can use these ideas:


Examine the ATM card slot 


  • Examine the card slot of the ATM closely to find whether an ATM card skimmer is attached to it or not. When the skimmer is attached to the card slot, it usually becomes bulkier and you might easily notice it on observing closely. 


Prefer cardless transactions 


  • Making minimal use of the ATM card can be also useful in preventing ATM fraud as it will not allow the fraudsters to get details of your card. 


  • For purchasing things and carrying out a financial transaction, you can use digital payment methods like mobile wallets, UPI, etc. that are becoming increasingly popular these days. 


Install an antispyware 


  • You might receive an email or SMS from an unknown source and on clicking on the link or image provided in them, you might permit to install spyware or malicious software that will gather data from your system without your permission. 


  • To prevent this, you can install anti-spyware that blocks malicious sites and applications before they manage to steal your data. 


  • Sometimes you might even receive a call asking for your bank details and PIN. To secure yourself from this type of ATM fraud, you should never give away your confidential data to anyone. You must be careful about the frauds which are happening all around us.


Despite taking all these precautions, it is not always possible to avoid ATM frauds and phishing. Therefore, to protect your finances from such cheaters, you can purchase a wallet care insurance plan that covers your financial stakes during such situations. 


The Wallet Care Insurance Policy from Bajaj Finserv provides you with a high coverage amount of up to Rs. 2,00,000 to prevent your financial losses from ATM skimming, ATM cloning, and all types of ATM frauds and phishing attacks. It also provides these features that may come in handy during an emergency:


Dedicated card blocking service 


  • If you lose your credit/debit cards or if someone steals them, you can block all the cards at once by using the card blocking service provided by the card protection plan from Bajaj Finserv. For that, you only have to reach out to them via a call and this service is also available 24/7. 


  • This means that you don’t have to connect with your bank support team and request for blocking each card separately in case you lose your wallet comprising multiple payment cards. 


Covers emergency needs during trips 


  • If your wallet gets stolen or lost during a trip then you will be in a fix as you will need funds to pay your accommodation charges, food expenses, travel tickets, etc. 


  • Don’t worry as the card protection plan offered by Bajaj Finserv provides an emergency cash advance if you need it during your domestic trips. Also, an emergency advance is provided to ensure that you do not face any financial issues during domestic and abroad trips. 
  • If your wallet gets stolen or lost during a trip then you will be in a fix as you will need funds to pay your accommodation charges, food expenses, travel tickets, etc. 


Complementary protection from frauds 


  • Apart from the huge coverage amount of Rs. 2,00,000 that you get to protect your losses from ATM skimming, phishing, PIN-based frauds, etc. you also get complimentary protection of up to Rs. 1,00,000 for other types of ATM frauds that are carried out online or by using your payment cards.