How to prevent ATM cards counterfeit?
ATM cards are also being counterfeited.
There are two precautions.
- One is to shield the keypad when punching in a personal identification number, or PIN.
- The other is to take along the paper receipt.
If a thief memorizes the PIN number and can then pick up a receipt with the account number, that's all he needs to create a counterfeit card.
ATM cards are always regulated by the Federal Reserve System's guidelines on electronic money transfers. The bank client's liability is usually capped at $50 anytime the clients notify the bank within 4 business days after discovering that their ATM cards are stolen or lost, or notify their banks within two months of postal date on the bank statement indicating an unauthorized withdrawal.
The $50 liability may be waived by banks. But after 90 days, the protections cease. The client can lose everything in a bank account if the bank was not notified within 90 days of the receiving the statement detailing the first unauthorized withdrawal. Anyone who is going to be away for several months should have bank statements and credit card bills forwarded.
In addition to shielding the keypad and taking your receipts, there are a variety of things you can do to minimize your risk of ATM theft.
• Choose your "PIN" carefully. Never use obvious PINs (personal identification numbers), such as birth-dates or the last digits of home telephone number or driver's license.
• Memorize your PIN, and keep it secret. Never write it on the ATM card.
• Suspicious individuals hanging around an ATM, or spotted with binoculars or video cameras nearby, should be reported to authorities.
• Always remember to take your ATM card with you and appropriately dispose of any transaction receipts later on. A few clever crooks will be able to have access to your ATM by using an account number shown on the receipt.
• Unauthorized ATM transactions and lost or stolen bankcards should be reported to the bank as soon as possible in order to limit your potential liabilities.
Under the Electronic Funds Transfer Act of 1978, ATM customers are liable for the following in cases of unauthorized transactions:
• The first $50 in losses if they notify their banks within two business days of the disappearance of their ATM card.
• Up to $500 if they fail to meet the two-day limit, but only if the bank can prove they knew of the card's loss or theft and failed to report it.
• The entire account and credit line potentially could be wiped out if the bank isn't notified within 60 days of the date it mails out the monthly statement showing the first unauthorized withdrawal.
The new era in electronic communications has ushered in a new breed of crooks. Consumers need to take precautions to make certain thieves have no access to their cards or accounts. In the event that a card is lost or stolen, notify the card-issuer or banking institution immediately to minimize your liability. Likewise, examine your bill or statement as soon as you receive it and report suspected fraud immediately.
tags: how to, prevent, ATM, cards, credit cards
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