With the rise in the number of ATM frauds being reported, let’s take a look at some simple steps to keep in mind to ensure a safe transaction.
What’s the easiest and most convenient way to withdraw cash these days? Just head to the nearest ATM and you are done in the next five minutes or so. But have you ever wondered that this easiest way comes with its own set of risks.
Recently, ATM frauds have hit the headlines several times making us wonder how safe it is to use these easy money machines. Let’s take a look at some simple steps that one needs to follow for the safe use of ATMs.
The safety aspect of ATMs can be divided into two parts—choosing the right ATM (both location and time wise) and ensuring a safe transaction.
Starting with the first part, to avoid any physical theft one needs to choose an ATM that is located in a busy, well-lit area. Always go for the one that you have tried before. No matter how cash starved you are it is never a good idea to try a new machine at a secluded place. Also, try to go to an ATM in the morning and take a friend along if you can.
Now, let’s discuss the crucial step of how to use an ATM safely. To start with, be wary of doing a transaction at an ATM where there is a hint of suspicious person loitering around. Secondly, always look out for out-of-place equipment attached to the ATM before you insert your card.
In most of the frauds reported, thieves install card-readers, hidden cameras, and keypad readers (for stealing your PIN) on ATMs, which are difficult to see. The rule of thumb is, if you are suspicious, find a different ATM.
Also, be ready with your card before you start and never write your PIN anywhere (no scribbling on the hand). Be swift while handling the cash. Put it away fast and don’t count it in front of the machine.
If you need to withdraw a large sum, head to the bank instead. Take the receipt with you even if you don’t need it. Who knows what all it can be used for?
Lastly, be prepared for any type of ATM malfunction. Don’t panic if it keeps your card or simply fails to give you the money. Cancel out the transaction by hitting the ‘cancel’ key several times. Contact your bank immediately to get the situation resolved.