Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Personal-finance/  Did you know: how to protect your debit card
BackBack

Did you know: how to protect your debit card

The RBI has cautioned banks not to ask for card- or account-related details from their customers. Therefore, if anyone contacts you for these details, either on phone or email, don't reveal any information

Pradeep Gaur/MintPremium
Pradeep Gaur/Mint

The Reserve Bank of India (RBI), in a circular on 24 October, confirmed that details of certain cards issued by a few banks had been compromised at ATMs linked to the ATM switch of one of the service providers. Following this breach, banks have taken measures, including replacing and re-crediting the accounts of cardholders for amounts wrongly debited, advising the customers to: change personal identification number (PIN), block payments at international locations, reduce withdrawal limits and monitor unusual patterns.

PIN and password

The RBI has cautioned banks not to ask for card- or account-related details from their customers. Therefore, if anyone contacts you for these details, either on phone or email, don’t reveal any information.

For all debit cards and most credit cards, you need a PIN to complete the transaction. To ensure that your PIN or password are not compromised, change them frequently, at least once every 3 months.

Mobile number and email

As per RBI regulations, all banks have to send alerts to customers for debit and credit card transactions. Therefore, make sure that you register a current mobile number and email ID with your bank. This will give you instant notification of debit and credit card transactions on your mobile and email. If for some reason you can’t get an SMS alert, you will still get an email about the transaction.

Check your bank details

You should regularly check your bank account statements for any unusual activity. In case you find an unknown transactions—even if the transaction amount is as little as 1 paisa—alert your bank immediately. There are instances of fraudsters withdrawing small amounts of money at regular intervals from multiple bank accounts, and such transactions usually go unnoticed.

Report immediately

Most fraud cases don’t come to light because customers don’t report them. In case you suspect any kind of fraudulent activity, report it immediately to your bank. Even if you don’t lose money immediately, data theft is equally dangerous. Most of the thefts may not happen immediately after a data breach. And, you don’t want to be a victim in the future. Therefore, if you feel your data may have been compromised, inform the bank immediately.

Use features of net banking

Most banks offer features to set transaction limits on your debit card. For instance, if you are not travelling abroad, you can switch off your international cash withdrawal. You can also set a lower transaction limit on your domestic usage. You can use these features to safeguard your bank account and debit card information.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Oct 2016, 03:58 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App