ATM card has changed our lives in many positive ways. We didn’t even imagine that a small piece of plastic can be so powerful, convenient, cheap and easy to use. You can literally stack thousands of rupees in a small plastic card without anyone guessing its real value. And it doesn’t even increase the bulge in your wallet or purse which is the case when we stack cash. Not to forget the protection features like water resistance, heat resistance etc. It’s also beneficial for the government since all the transactions are legal and traceable. The multiple uses of ATM card like online shopping, retail shopping, bill payments, cash withdrawal, cash deposits, money transfers (also called green banking E.g. State Bank of India), etc. is commendable.
However all said and done, life isn’t so easy. As Newton’s third law of motion states, “Every action has equal and opposite reaction”. So all the benefits cited above for ATM card also brings along its own set of risks and threats. Technology hasn’t really reduced the number of thefts. Rather, the thefts have increased and are more technologically sound and complex. However, unlike cash which is mostly non recoverable once lost, ATM card is much more safer and less damaging.
What risks are associated with lost cards?
Though the ATM card is protected by your PIN, yet if somehow the PIN gets unlocked or password is cracked (Thanks to technology again!), you can lose your money rapidly where the entire amount present in your savings/current account is at stake. The two most common risks are:
- Cash withdrawal
- Money deduction on shopping sites or in retail outlets
The moment you realize something is wrong, it’s time to wear the safety gear.
Related : What is ATM Banking?
What steps should be taken when ATM card is lost?
The first step taken after lost card is to block it immediately. This can be done in two ways:
1. Call Customer center
- Call the bank customer helpline number.
- Provide identification details like name, date of birth, branch name etc to the customer calling executive.
- On identity verification, the card will be blocked.
2. Use e-banking
- Login with your id and password for net banking.
- Click on lost debit/credit card tab.
- Fill in the relevant details and block the card.
Once the bank is notified about your lost card, any further transactions from your card will be a born by the bank.
Related : Safe ATM Banking
Re-issue a new card
A written application needs to be submitted at the bank branch along with an application fee. A new card will be dispatched at your place within two weeks.
Technology is thus demanding. It makes your life easier but it comes with a fee. It requires your timely intervention, cautiousness, adequate safety measures and most importantly, not taking it for granted. Therefore, we need to step up our responsibilities to truly benefit from the power of technology and enjoy our life.
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