Punjab National Bank, the country’s second largest state-run bank, is prohibiting transactions with non-EMV ATM machines from next month i.e. February 1, 2021. The bank has taken this big step to protect customers from ATM fraud.
If you are a customer of Punjab National Bank (PNB), then this news is important for you. In fact, Punjab National Bank, the second largest state-run bank in the country, is prohibiting transactions from non-EMV ATM machines from next month i.e. February 1, 2021. The bank has taken this big step to protect customers from ATM fraud. PNB has given this information by tweeting.
In order to protect our respected customers from fraudulent ATM activities, PNB will prohibit transactions (financial and non-financial) from non-EMV ATM machines from 01.02.2021, Punjab National Bank said in its tweet. Go Digital, Stay Safe! Explain that non-EMV ATMs are ATMs that do not keep cards during the transaction and read the data from the magnetic strip. At the same time, the card is locked for a few seconds at the EMV ATM.
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!
#TransactioKaroFearless #ATM pic.twitter.com/puvHq7fda3
— Punjab National Bank (@pnbindia) January 14, 2021
Non-EMV machine will not be able to transact
In view of the increasing case of fraud in ATMs, PNB has taken this step to keep customers’ money safe. Now customers with no EMV ATMs will not be able to conduct financial or non-financial transactions. Following the RBI directive, banks have issued EMV chip cards instead of debit cards with manganitic striped.
Advantages of EMV ATM Machine
The EMV ATM is locked for a while after inserting the card into the machine. This is because, the machine reads the chip. Your information in the chip remains encrypted, which is much safer than before. Second, if someone tries to clone your card and remove it from the machine, it can read it as well. In such a situation, the chances of getting fraud are less. The EMV chip card generates a unique transaction code to verify the user during the transaction, which verifies the verification.
