ATM cards are greatly in use these days. People find it convenient to take money in the form of bank debit card instead of keeping cash. On the one hand where use of ATM cards has increased, it has given rise of numerous related issues. One of the main problems is to recover a lost ATM card. Users need to be a bit cautious about safety of plastic cards which is an alternative form of cash. In case a consumer loses a plastic card, it may be taken by a hacker who can easily misuse it. In case one loses his wallet having debit card in it, he needs to take immediate action to de activate card in order to avoid any kind of loss further. Following course of action should be followed for avoiding any prospective loss in case of loss or theft of ATM card.
- Report the concerned authority: The owner of lost card should immediately inform the loss of card to concerned bank or issuing authority. In case any transaction is done after the theft reporting, it can be controlled. Almost all banks have a toll free number or hot line where customers can immediately get their complaints registered. Normally ATM machines have an adjacent phone from where customers can contact the respective bank. Saudi Arabian Monetary Authority (SAMA) has suggested that the user may send a follow up letter which includes respective account number and states the reason for loss of card. Moreover unauthorized withdrawals and fraudulent transfers need to be reported at its earliest for stopping such activity in future.
- Setting of Liability limits: The user of an ATM card has potential liability in case loss of card is not reported within prescribed time. The extent of liability of a consumer differs according to different conditions associated with loss of card. In case the user of card reports the loss of card before the misuse of card by hacker, he has zero liability of loss in this regard. If someone has already withdrawn some amount from through ATM card, this loss needs to be borne by the ATM card holder. In few cases, some famous banks offer full compensation to customers as a matter of goodwill retention. In other cases, customers have to bear loss according to condition set out by Saudi Arabian Monetary Authority (SAMA).
- Apply for New ATM card: Usually all banks offer ATM replacement card services. Some banks offer free of charge new cards whereas other charge a nominal fee for processing. In case a customer is willing to get his replaced card before normal processing period, he has to pay some extra charges. Those customer who lose their card for multiple times are encouraged by banks to use other type of ATM cards which don’t offer debit or credit transaction facilities in order to avoid monetary losses.
Technological Information about KSA
- ATM Cards Limit in Saudi Arabia increased to SR 60,000 per Day
- How ATM Skimmers stole SR 220,000 from 62 people?
- ATM Fraud worth SR 290,000 in Jeddah
- Points to Take Care in Internet Banking in Saudi Arabia
- ATM Scam: Card Skimming Device at Cash Withdrawal Machines