If you have got a text message from your bank to change your PIN (personal identification number) and you have not done it so far, chances are your withdrawal limit from an automated teller machine (ATM) could be cut.
This is among the several steps that banks are taking to reduce the fallout from the debit card data that is suspected to have been compromised.
Private sector lender Yes Bank, for example, has decided to reduce the cash withdrawal limit from ATMs in case their customers have not changed the card’s PIN even after they have been alerted.
The cash withdrawal limit has been reduced to Rs.5,000 per transaction. Typically, the limit for cash withdrawal per transaction is about Rs.25,000 but can be as high as Rs.2 lakh for high net-worth individuals. The move is aimed at minimising the potential loss if a compromised card is misused, a bank official said.
Private lender Axis Bank is replacing the card if customers have not changed the PIN number.
“Over the last few weeks, Axis Bank has proactively reached out to the affected customers and advised them to change their debit card PINs,” a bank spokesperson said. “The Axis Bank ATM network is fully secured and customers should ideally use Axis Bank ATMs to change their debit card PINs.”
New PINICICI Bank, the largest private sector lender, decided to send new PINs. “As a precautionary measure, the PINs of debit cards used at the ATMs of that bank have been changed. This has been done in order to protect our customers from any potential fraudulent transaction,” ICICI Bank said in a statement.
State Bank of India will replace all suspect cards.
HDFC Bank, the second largest private sector lender, which also alerted their customers for changing their pin, insisted the bank’s customers should use only HDFC Bank ATMs.
“We also advised them to use only HDFC Bank ATMs as we believe security controls at some of the other bank ATMs may not be at par with HDFC Bank’s,” according to the bank.
