Lock Your ATM Card
In today’s digital landscape, cybercriminals are growing increasingly sophisticated. To protect yourself from falling victim to their tactics, you need to be proactive. We’ll introduce a method that allows you to lock your ATM card, preventing fraudsters from pilfering your funds.
In the fight against cybercrime, embracing new technology might be the most effective approach. If you have a mobile device, why continue using physical ATM or credit cards? Consider going ‘cardless’ to safeguard yourself from cyber fraud. Yes, leverage the technology at your disposal to eliminate the need for physical cards. To go cardless, take your mobile device to the ATM and initiate a withdrawal without inserting a physical card. Surprisingly, many individuals in India remain unaware of the convenience of this cardless technology, which is why incidents of card cloning persist.
The Reserve Bank of India (RBI) has introduced the ‘lock and key’ facility for mobile users, known as the card switch on/off feature. When you intend to use your card, simply turn it ‘on’ on your mobile. After your transaction is complete, turn it ‘off.’ Even if someone manages to steal, clone, or manipulate your card details, they won’t succeed in committing cyber fraud.
Go cardless through your settings
This functionality has been available on mobile devices since April 2020. Security settings are accessible within the card section of every mobile banking application. This feature is referred to as ‘switch on‘ or ‘switch off‘ and covers four card usage scenarios: online, touch, swipe, and ATM. Each of these categories has its corresponding ‘on’ and ‘off’ buttons and associated limits. Suppose you have Rs 5 lakh in your linked account. Since not everyone withdraws large sums of money daily, you can set a limit that matches your typical daily expenses, let’s say Rs 5,000.
Now, even if you forget to toggle the ‘off’ switch in the app, your potential loss due to cyber fraud would be limited to the daily cap you’ve set, not the entire Rs 5 lakh. You will receive an alert on your mobile when a transaction occurs, and you can promptly block your card. In case of any suspicious activity, you can reach out to the helpline number 1930 to take further action. This approach will help you mitigate significant financial losses.”