SBI Cardholders Alert! Here’s How To Deal With This Fraud

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The State Bank of India warned its ATM cardholders of the ongoing skimming frauds in the country. According to SBI, these crimes are suddenly on the rise from a while now. In order to fight ATM card skimming, SBI had last year lowered the ATM cash withdrawal limit to Rs 20,000 a day. This fraud is one of the key reasons behind the move.

Also, the RBI recently made it mandatory for all ATM card users to replace their old magstripe cards with new chip-based cards. Starting January the old ATM cards have been replaced with new chip-based cards. With the help of ATM skimming, thieves use hidden electronics to steal the personal information stored on your card and record your PIN number to access all that hard-earned cash in your account.

Either through ATMs or even POS machines, all your personal information can be stolen. Criminals install small devices called skimmers into the card slot of ATM machines or POS terminals. These skimmers capture the information stored on the magnetic strip of your ATM card.

A camera is installed by the skimmers somewhere above the keypad captures the ATM pin as the user enters it in an ATM or at an offline shop even. These stolen details are then used to clone cards to withdraw machines from other ATMs.

Sometimes, criminals place a thin film on the ATM keypad to capture keystrokes. In case of any fraud, you can claim a refund, but for that, you will have to report the matter within 3 working days. To report, you can send an SMS by typing “Problem” directly to the number, 921250088. Another way to report fraud is by calling the customer care or report on Twitter @SBICard_Connect.

If the fraud is due to some fault of SBI’s then the customer will get full compensation even if the fraud is not reported. However, also note that the customer will not be getting any refund if the loss is due to his/her negligence. Unfortunately, there are even more ways for thieves to access your bank account via an ATM –and some of them don’t even require skimming.

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