SBI Is Reducing Withdrawals To Rs 20,000 From Oct 31 Onwards, This ATM Fraud Is The Reason Why
State Bank Of India -- countrys largest nationalised bank -- announced that its reducing the amount of money customers can withdraw from an ATM. The bank notes the rise in ATM fraud as another big reason behind the decision.
In an order circulated through its branches nationwide, State Bank Of India -- country's largest nationalised bank -- announced that it's reducing the amount of money customers can withdraw from an ATM.
Apart from pushing people towards digital transactions, the bank notes the rise in ATM fraud as another big reason behind the decision.
Reuters
"In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on 'Classic' and 'Maestro' platforms," said the internal SBI order circulated within its branch offices, according to reports.
What is ATM card skimming and how does it work?
ATM skimming basically means stealing your card's information. It's done through a small device, known as a skimmer, during an ATM transaction. Fraudsters place the skimmer directly on top of the card slot -- if you aren't looking for it, you may not even spot it.
ATM skimmer
By placing a camera inside the ATM or hacking the bank's camera feed, the fraudsters then capture your ATM pin when you type it on the ATM. With your card's magnetic strip data inside the skimmer and its companion pin number, fraudsters then use your card details to make online purchases or print cloned copies of your original card.
Obviously, make sure whenever you go to SBI or any other bank's ATM to withdraw money, that there are no unusual protrusions near or around the card slot. Cover the keypad when you type in the ATM card's pin. And make sure you have SMS alerts enabled to instantly know of any transactions you haven't authorized.
