Should I change my ATM pin or do it only if the bank informs me?


#1

Recently many ATM card data was found to be leaked. Should I change my ATM pin or do it only
if the bank informs me to do so?


#2

Yes there was news of a data breach although bank officials have downplayed and have plugged in such technical loopholes. Banks advised debit card holders to change their ATM pins as precautionary measure and you can do the same by visiting the nearest ATM. No need to seek a communication from the bank to change your PIN. One should anyway keep changing it periodically to avoid misuse.


#3

Dear Nisa,

It’s a good practice to change your ATM PIN if there has been a breach or if you suspect unauthorised transactions on your account. You can change your PIN by visiting the nearest ATM centre and don’t have to contact the bank for the same. Here are effective ways you can ensure the safety of your Debit or Credit Card.

• If you have a magnetic-strip card, upgrade to a chip-based card.
• These cards have multiple layers of security and can be activated only with a PIN number.
• Change your PIN number ever six months or more frequently to avoid falling prey to fraud. Do not share your PIN and card details with anybody. Do not write it down somewhere. It is best to memorise your PIN.
• If you haven’t already updated your email id or phone number with your card issuer, do it immediately. Digital alerts are the best way to keep a track of transactions charged to your card.
• Notice something fishy about a transaction? Didn’t authorise a payment? Contact your bank immediately. Refrain from using the card and request the bank to block it immediately.

Being aware of your monetary transactions, spreading out your cash in different accounts, and maintaining your privacy is the key to your financial safety.

Cheers,
Team BB


#4

Hello Nisa,

Changing ATM PIN frequently is no harm. You need not wait for the banks to tell you to change your ATM PIN, you can do it on your own. So you feel safe and secure all the time. And do not give out any Banking details or ATM pin to anyone.