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Banks warn about malpractices while using the ATM
Posted on: 17/Sep/2016 6:11:25 PM
As incidences of malpractices on ATM usage are increasing, the banks have warned the ATM users and the customers who do financial transactions to make them aware about the malpractices.
Some banks, including HDFC, Federal Bank, and DBS have been sending SMS to their customers to change their ATM PIN codes.
Among the 650 million ATM cards in usage in India, around 60 percent cards data are compiled through magnetic strips. Lots of malpractices occur in this system.
In order to prevent this, the Reserve Bank of India has advised the banks to resort to EMV system to compile customer data.
RBI has advised the users to use only ATMs which are located in safe localities.
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