Do you know that criminals can steal money from your ATM even without touching your ATM card?
The number of ATM theft stories lately have become alarming. Just a few days ago, my sister told me that several people at their office experienced ATM theft – their ATM cards never left their side, but money was being withdrawn from their accounts!
It seems that there’s a new form of ATM theft by scanning ATM card information. Criminals have found a way to just get your ATM card info even without touching your ATM card or needing to swipe it on any device. As I understand it, they found a way to use the technology used for scanning stored value cards (like the ones used in HK’s MTR) for this criminal purpose. This is especially worrying if your ATM, debit & credit cards use RFID or NFC chips.
When I was told by PSBank about their new Lock & Unlock feature for their ATMs, I knew I just had to share it with you! If you are a PSBank account holder, please check out this new feature and hope it helps protect your hard-earned money from being stolen!
This Lock / Unlock feature is FREE!
All you need is the PSBank Mobile App. Use it to Lock your ATM so no one else can use it at any ATM or Point of Sale terminal. Use it to Unlock your ATM whenever you want to use it at an ATM or Point of Sale terminal. That’s it!
I wish other banks would follow suit!
PSBank secures ATM cards with Lock feature
Philippine Savings Bank (PSBank), the thrift bank arm of Metrobank Group, recently introduced the Lock and Unlock facility for its ATM cards to provide clients with a tool that will help ensure their accounts’ safety amid the rising incidence of ATM and card fraud.
Another breakthrough innovation from PSBank, the ATM Lock feature is a new service that provides an additional layer of protection to PSBank ATM cardholders from ATM loss, theft, skimming, and other card-initiated electronic fraud. It allows clients to lock their ATM cards from use for as long as they prefer and unlock them when needed.
Clients can access the ATM Lock service for free via the newly improved PSBank Mobile app which can be downloaded through 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.
“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.
The lock and unlock feature applies only to the ATM cards of clients with either single or multiple cards linked to an account. 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. On the other hand, cardholders can still pay bills and transfer funds through PSBank’s internet banking facility, PSBank Mobile or over-the-counter.
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.
For assistance and inquiries, call PSBank’s 24-hour Customer Experience hotline at (02) 845-8888, chat with us at PSBank LiveChat via www.psbank.com.ph, or visit any PSBank branch.
I hope you enjoyed this blog post. Please feel free to leave a comment below, I love hearing from you!