What is an ATM Machine or an ATM Card
An Automatic Teller Machine ATM is a device, usually installed within
a bank’s premises, but can also be installed in any secure and
convenient location, that offers automated financial services to the
banking public.
With ATM, it is a lot easier to withdraw your money or
check your bank account balance. Other financial services that can be
handled at ATM machines include fund/cash transfer, phone credit
recharge and bills/tax payment.
To engage in any transaction on an ATM machine, you need an ATM card
issued by your bank. You also need a Personal Identification Number PIN.
A default PIN will be issued with your ATM card, but you are advised to
change it to something unique to improve security. With your ATM card
and PIN, you can access your account from any ATM machine connected to
your bank from anywhere in the world at any time 24/7.
ATM cards can also serve as debit cards for paying for items while
shopping at retail shops or on the internet. When shopping offline a POS
terminal will be used to process your payment. ATM machines are usually
located in banks, schools, shopping malls, petrol stations, hospitals,
and so on.
Your ATM cards gives you easy access to
your bank account information as well as makes it easy for you to access
the money in your bank account. ATM cards also serve as debit cards,
which you can use to buy at stores via a Point of Sale POS device or on
the internet. The ease with which money can be withdrawn or items
purchased using ATM cards make them an attractive target to fraudsters.
So you need to be careful when using your ATM card, or your life savings
could be wiped out by heartless fraudsters. Here we provide a few tips
on ATM security, preventing ATM Fraud, and Identity theft, you will also
find more information about ATM in this page.
One of the most popular sort after by fraudsters during Identity theft
schemes is your ATM card or debit/credit card details. ATM fraud is on
the increase, the more information you have the easier preventing ATM
fraud becomes.
ATM Security and ATM Fraud prevention Tips
ATM makes withdrawing money easy. All you need is an ATM card and
information about the PIN and you can withdraw money from any ATM
machine connected to your bank. This means that anyone with your PIN and
the well with all to clone or steal your ATM card can withdraw money
from your account via an ATM machine. This means that the main target of
fraudsters is your PIN, secure it and you will considerably reduce the
chances of losing your money to ATM fraud. Here are a few tips on ATM
security and ATM fraud prevention.
Change your ATM default PIN as soon as the card is issued to you
Your ATM card comes with a default PIN, which can easily be
compromised due to handling and paper trails. Because of this you should
change your ATM PIN as soon as possible. Simply slot it into an ATM
machine and select
change PIN.
The safest place for your ATM PIN is your memory/brain
As soon as you change your ATM PIN commit it to memory. It is safest
in your brain than in any other place. Destroy all paper trails about
your ATM PIN and all other confidential account access information. An
ATM PIN written on paper can be found by a fraudster and used against
you, so keep your ATM PIN safe in your memory.
Change Your ATM Pin occasionally or when you think it is compromised
On the internet there is a security tip that you should change your
password every six months. This is not a bad tip for your account access
Pin either. The longer you use an ATM Pin, the greater the chances of
it being compromised. If you have any reason to believe that anyone can
sign your signature, you are most likely to change it. Apply the same
common sense (wisdom) for your personal identification number. Simply
slot it into an ATM machine and select
change PIN.
Change from Magnetic strip to Chip and PIN
ATM cards based on magnetic strip technology are easier to clone than
those based on chip and PIN. ATM cards based on Chip and PIN technology
offer better security. Banks in Nigeria are now offer chip and PIN ATM
cards.
If for any reason you are still using magnetic strip cards, change it
to the chip and PIN type. To check whether your current ATM cards is
chip and PIN, chip and PIN ATM cards have golden connectors similar to
your mobile phone SIM card.
Cover-up when entering your PIN at ATM
Fraudsters hang around ATM machines, hoping to steal ATM card PINs
from un-suspecting consumers. They simple note the number you enter and
memorise them. To prevent anyone from stealing your ATM card PIN use
your hand to cover-up when entering your PIN at ATM machines.
Destroy ATM transaction Paper print-out properly
After every transaction at an ATM machines, details of the
transaction will be printed out by the ATM machine, if you so choose. Do
not throw away this paper print-out carelessly. Some users even drop
the paper on the flow or even leave for the next user. This a gold mine
for identity thieves.
The best approach is to pocket the ATM print-out, and destroy is
properly with a paper shredder. You can also burn it properly and flush
it down your toilet.
Do not allow authorize anybody to use your ATM card
Do not allow your wife, husband, girlfriend, boyfriend, brother, sister,
anybody
to use your ATM card. Do not give your ATM card to anybody to go and
withdraw money for you. Do not reveal your ATM PIN to anybody. You may
trust the person now, but relationships are dynamic. We all hope for the
best, but your friend today can become your enemy tomorrow. Even your
most trusted friends can betray you when money is involved.
Report missing ATM cards to your bank ASAP
If your ATM Card is missing or you suspect that you are a victim of
identity theft and your banking details including your ATM PIN has been
compromised, call your bank and block it as soon as possible.
Do not reveal your ATM Pin to anyone
Every now and again, you will receive an email or SMS purporting to be
from your bank or any other person or organisation for that matter
requesting you to send your ATM PIN for some reason. This may claim to
be from your bank or the ATM platform provider like InterSwitch, Visa,
or MasterCard.
The e-mail will usually give you the
impression that there is a problem with your ATM card and that by
submitting your ATM PIN the problem will be solved. Never make the
mistake of revealing your ATM PIN under any circumstances, not even to
bank officials.
Never fall for this scam no matter how compelling. Your ATM PIN
grants access to your account, do not disclose it to anyone. Do not
forget to change your ATM PIN from time to time.
Follow the tips above and you will go a long way in preventing ATM fraud and Identity theft.
Inspect the ATM First
Before using an ATM machine, inspect it first and make sure there is
nothing unusual. Some fraudsters may plant a camera to harvest PINs. ATM
usually has an official camera, do not use it if you see an extra
camera or any thing you do not understand.
