As technology further develops, hackers and scammers also upgrade their ways to steal money virtually. One of the most common bank frauds is ATM skimming.
This method steals card information from the magnetic stripe on the back of the ATM card. It is often installed in ATMs with oblivious users withdraw money or make transactions. Once your information had been stolen, the criminals make a card with your information and withdraw your hard earned money from elsewhere.
Because of the rampant case of skimming, most banks have opted to embed their cards with an EMV chip. This embedded microprocessor chips provide an extra layer of protection that store and protect card holders. However, even after converting to EMV Chip card, there are still reports of online robbery or skimming.
Union Bank has responded to this crisis by offering a unique feature to its account holders. Its clients now have an option to ‘lock’ their ATM cards as an added layer of protection.
In order to use the feature, the user must install the bank’s mobile app. Once locked, cyber criminals will be unable to steal money from the user’s account.
According to the bank statement, “The lock card feature is designed to deter fraudsters from stealing money from a user’s account via card fraud.”
Furthermore, the account owner will also receive email and text alerts once an authorized transaction has been attempted.
Other banks are also on the works to up their security for their clients by providing additional layer of security. Make sure to be updated with these new features so you can safeguard your account and prevent online fraud.