There will be a change in ATM withdrawal rule for customers of Punjab National Bank (PNB)from Monday. Customers' ATM transactions from non-EMV ATMs will be restricted from today.
Last month, the public sector bank had said it will be restricting ATM transactions, financial as well as non-financial, from non-EMV ATMs from February 1. In a tweet, the bank said it has taken this decision to protect customers from fraudulent ATM withdrawals and card cloning.
"To protect our esteemed customers from fraudulent ATM activites, PNB will be restricting transactions (financial and non-financial) from Non-EMV ATM machines from 01.02.2021," the tweet said.
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!January 14, 2021
Non-EMV ATMs are those which do not hold the card during transaction and read data from magstrip, while EMV ATMS hold card during transaction and read data from chip.
Despite the increase in digital transactions, fraudulent withdrawal and card cloning complaints are on the rise in the country. The banks are taking various steps to check and prevent such frauds and PNB's decision is also a step in that direction.