From tomorrow (i.e. Monday, February 1), the Punjab National Bank (PNB) will be implementing its changed policy for withdrawing money from ATMs.
This is being considered a 'giant step' since from tomorrow onwards, PNB customers will be unable to withdraw money from non-EMV ATM machines. The measure has been taken by the bank in an attempt to check ATM frauds.
The Punjab National Bank also took to its official handle on Twitter to inform its customers of the change that will be implemented from tomorrow.
"To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial and non-financial) from Non-EMV ATM machines from February 1, 2021 Go Digital, Stay Safe!" PNB tweeted.
What this essentially means is that from tomorrow, PNB customers will not be able to withdraw money from those ATMs where the data is read through swiping the card along the magnetic strips (non-EMV), as opposed to EMV ATMs where the ATM machine holds the card till the completion of the transaction.
Notably, the PNB has taken major and commendable strides towards checking the growing number of fraudulent activities involving ATM machines across the country.
Back in December last year, the bank had amended its rules -- putting a One Time Password (OTP) process as an intermediary step while withdrawing cash of Rs 10,000 and above between 8 PM to 8 AM, since the majority of ATM-related frauds have been seen to occur during the night.
Now, with the added security of EMV-based transactions, it is expected that such fraudelent activities will be significantly reduced.