Ketul Shah August 25, 2010
2. The fraudsters then get into the ATM and locks a key in the machine. They then wait for a customer who needs to withdraw cash.
3. The customer initiates a transaction and enters his password but the screen suddenly blanks off due to the locked key.
4. Owing to the rush outside (also caused by fraudsters) outside the ATM, he is forced to leave quickly.
5. Once the customer has left, the thief gets back into the ATM. The transaction by the previous customer still being live, the hoaxer releases the locked key completes the transaction and withdraws cash.
Below are some simple rules, which ensures that your ATM transaction safe.
1. After your all transactions, you should select ‘Cancel’ to make sure no one else can carry out any transaction through your account after you.
2. If the ATM is not working properly, retrieve your card, select ‘Cancel’ and if possible report it to the security guard or bank.
3. After any transaction at an ATM, ensure you get a copy of the mini statement to make sure your transaction is properly recorded.
4. Subscribe for an SMS alert post every transaction; it helps in case of keeps a tab
Ashish was traveling to Kolkata and urgently needed cash walked into an ATM to withdraw cash. Unfortunately, the machine was out of order and the screen blanked out post entering the password. Due to a heavy rush of people waiting, he had to quickly leave to find another other ATM.
However, within 10 minutes of leaving the ATM, he got an SMS stating that he had made a withdrawal of Rs 15,000. Surprised, he enquired at his bank which confirmed that he carried out a transaction at Kolkata.
Shocked? Well, this has been a common practice for the last one month in Eastern India. There have been many such cases of frauds committed at ATMs. Upon investigation, the police busted a gang that engaged in the ATM fraud.
What was their modus opernadi
1. This fraud was carried at an ATM that required the customer to insert and extract ATM card to initiate a transaction.
However, within 10 minutes of leaving the ATM, he got an SMS stating that he had made a withdrawal of Rs 15,000. Surprised, he enquired at his bank which confirmed that he carried out a transaction at Kolkata.
Shocked? Well, this has been a common practice for the last one month in Eastern India. There have been many such cases of frauds committed at ATMs. Upon investigation, the police busted a gang that engaged in the ATM fraud.
What was their modus opernadi
1. This fraud was carried at an ATM that required the customer to insert and extract ATM card to initiate a transaction.
2. The fraudsters then get into the ATM and locks a key in the machine. They then wait for a customer who needs to withdraw cash.
3. The customer initiates a transaction and enters his password but the screen suddenly blanks off due to the locked key.
4. Owing to the rush outside (also caused by fraudsters) outside the ATM, he is forced to leave quickly.
5. Once the customer has left, the thief gets back into the ATM. The transaction by the previous customer still being live, the hoaxer releases the locked key completes the transaction and withdraws cash.
Below are some simple rules, which ensures that your ATM transaction safe.
1. After your all transactions, you should select ‘Cancel’ to make sure no one else can carry out any transaction through your account after you.
2. If the ATM is not working properly, retrieve your card, select ‘Cancel’ and if possible report it to the security guard or bank.
3. After any transaction at an ATM, ensure you get a copy of the mini statement to make sure your transaction is properly recorded.
4. Subscribe for an SMS alert post every transaction; it helps in case of keeps a tab
5. Enter your password carefully and mind shoulder surfers.
6. Do not throw away your transaction receipt carelessly.
7. Keep your ATM card safe and memorize your password.
8. Be extra cautions in case of an unmanned ATM.
9. Don’t force a card into the ATM slot. If it gets jammed there report it to the bank immediately.
Ketul H Shah is a Chartered Accountant and an MBA. He has specialized in banking, finance and insurance. He is passionate about consumer rights and actively offers professional advice on consumer-related matters.
6. Do not throw away your transaction receipt carelessly.
7. Keep your ATM card safe and memorize your password.
8. Be extra cautions in case of an unmanned ATM.
9. Don’t force a card into the ATM slot. If it gets jammed there report it to the bank immediately.
Ketul H Shah is a Chartered Accountant and an MBA. He has specialized in banking, finance and insurance. He is passionate about consumer rights and actively offers professional advice on consumer-related matters.
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