Now more than ever, more and more people becoming victims of ATM fraud. In fact, GMA News reports that nearly P400 million has been lost to ATM fraud from 2012 to 2013. One of the ways this can happen is via card cloning or skimming, wherein thieves use hidden electronic devices at the ATM to obtain your card data.
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This infographic from the Police Anti-Cybercrime Group shows how your card information may be captured while you’re using an ATM machine. There really are certain machines that have been compromised. What’s frightening is, thieves nowadays don’t even have to physically possess your card to withdraw from your account — your ATM card can be tucked inside your wallet and they would still be able to get your money.
My daughter actually has her own PSBank ATM Card. We opened a PSBank Kiddie Savers Account for her some time ago so she’ll have her own account where she can deposit her savings — allowances, birthday money, Christmas money, etc. She loves keeping track of how much she has saved on her own. Anyway, since she can’t actively monitor her bank account on a daily basis (she’s too busy with school), I think she’ll benefit a lot (well not just her, us too lol) from PSBank’s new ATM Lock Service.
PSBank recently introduced the Lock and Unlock Facility for its ATM cards to provide its depositors with an additional layer of security against ATM loss, theft, skimming, and other forms of card-initiated fraud.
The ATM Lock Service can be accessed for free via the PSBank Mobile App which can be downloaded from the Apple Store or Google Play. Clients who lock or unlock their ATM card will receive a transaction request confirmation immediately through the app and further notification on their registered email address. These confirmation services enable users to closely monitor the status of their ATM cards anytime, anywhere.
Account holders with locked ATM cards will not be able to use them for ATM or point-of-sale (POS) transactions nor make online purchases that require clients to provide the ATM card number. However, cardholders can still pay bills and transfer funds through PSBank’s internet banking facility, PSBank Mobile, or via an over-the-counter transaction.
The PSBank ATM Lock service is exclusively for PSBank Mobile App users and for clients who have accounts linked to a PSBank Regular ATM card, PSBank Debit MasterCard or PSBank Prepaid MasterCard. It is also available to PSBank Online users by simply activating their mobile access. Soon, the service will also be available via SMS for all networks.
“Our clients’ security and convenience are important to us. With the PSBank ATM Lock feature, which they can perform anytime, we are able to provide our clients a simple and reliable tool that would protect their hard-earned savings from ATM card-related fraud incidents,” said PSBank Senior Vice President / Marketing and Customer Experience Group Head Emmanuel Tuazon.
This is good news for us because we can rest easy knowing that our card information can’t be used by others as long as our ATM is locked. The fact that we can Lock and Unlock it so easily via our mobile phone is a bonus! What do you think? 😀
For assistance and inquiries, call PSBank’s 24-hour Customer Experience hotline at (02) 845-8888 or visit any PSBank branch.
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