Punjab National Bank Debit Cards Will Stop Working At These ATMs; What Should You Do?
In order to induce more safety and protection, Punjab National Bank has taken a big step: All their customer’s debit cards will now stop working at these ATMs.
So, what should you do now?
Keep reading to find out more!
Punjab National Bank Debit Cards Will Stop Working
Punjab National Bank has announced that from now on, financial and non-financial transactions from non-EMV based ATMs won’t happen.
This means that if you enter an ATM which is non-EMV, then you won’t be able to withdraw any cash, or carry any financial or non-financial activities.
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!— Punjab National Bank (@pnbindia) January 14, 2021
#TransactioKaroFearless #ATM pic.twitter.com/puvHq7fda3
What exactly is the difference between these two types of ATMs: EMV and non-EMV based?
Difference Between EMV and Non-EMV ATMs
EMV ATMs are those ATMs, which hold the debit card, and reads all the data from the EMV chip placed in the debit card.
While non-EMV ATMs are those ATMs, where the user swipes the card in the machine, and then takes it back.
The data in such non-EMV ATMs are read via the magnetic stripe, which is unsafe, and prone to hacking.
Infact, most of the ATM frauds which happened in the last few years, happened because of the non-EMV based ATMs.
Since Punjab National Bank has now stopped supporting such non-EMV ATMs, hopefully, this will stop the frauds.
We will keep you updated, as more details come in.