Punjab National Bank (PNB) has taken a major step amidst the growing ATM fraud across the country. From February 1, 2021, PNB customers will not be able to withdraw money from non-EMV ATM machines. PNB has informed about this from their official Twitter handle.
The bank said that in view of the increasing cases of frauds, PNB has taken this step so that customers’ money is safe. From February 1, customers will not be able to make financial or non-financial transactions from ATMs without EMV.
To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions(financial & non-financial) from Non-EMV ATM machines from 01.02.2021. Go Digital, Stay Safe!
— Punjab National Bank (@pnbindia) January 14, 2021
Non-EMV ATMs are those in which cards are not used during transactions. The data in this machine is read through a magnetic stripe. In addition, the card at the EMV ATM is locked for a few seconds.
Punjab National Bank (PNB) has also asked their customers to turn on and off their ATM debit cards through the PNBOne app. If you don’t use your card, you can turn it off. Doing so will keep the money safe in your bank account.
Notably, banking frauds have risen sharply over the past few years. The highest numbers of fraud are being done through net banking, phone banking, and mobile banking. In recent times scammers have been swindling people by phishing emails, SMS, and phone calls.