Post SBI security scare: Here is how you can secure your debit cards

Days after the State Bank of India (SBI) blocked 6,00,000 debit cards over reports of security breach, clouds of suspicion hover above the heads of customers who fear falling prey to financial fraud.

"Card network companies like the NPCI, Mastercard and Visa had informed various banks in India about a potential risk to some cards owing to a data breach. Accordingly, State Bank of India (SBI) has taken precautionary measures and blocked cards of certain customers identified by the networks,"said a company statement on Thursday.

The SBI has asked its customers to use its fraud perevention facilities, adding that it was in the process of issuing new cards to its customers at no cost.

However, a series of measures can be taken to guard oneself against data theft and financial misuse.

Changing the ATM pin frequently is one way of keeping one's coffers safe. How often should you change your ATM PIN? The answer is-every three to six months or at least once a year according to the standard advice given by cyber experts.

One might ask as to why the banks are being overly cautious? Well, considering the reports of breach of data by financial institutions in the last few months, the threat of a security breach seems all too real to diregard for the customers.

Even Axis Bank had recently informed the Reserve Bank of India that it had experienced a cyber attack.

Reports of from several account holders complaining of their ATM card details being compromised have also surfaced, following which several banks have asked their customers to change their card security details and stick to their own ATM networks. According to reports, the overall number seems to be 3.2 million so far.And, perhaps, still counting.

According to Reshmi Khurana, Managing Director and Country Head-Operations for Kroll Advisory Solutions in India, there have been reports of customers reporting transactions on their debit cards in China and that is how banks came to know of the breach of data and in turn complained to payment services.

“While it is not confirmed, the breach of data seems to on account of a malware inserted in a white label ATM network, which is why banks are cautioning their customers to stick to their own bank’s ATM network and not use non-bank ATMs,’’ said Khurana.

An ATM breach means that PIN numbers of all customers using a partilcuar ATM network, that is infected, stands compromised.

Hence, it is advisable that one changes the PIN number as soon as one gets an alert from their respective bank. If possible, cancel the ATM card and apply for a new one.

Also, avoid using the same PIN for multiple bank accounts. Besides, signing up for SMS alerts from the bank is really helpful as it swiftly prompts a meassage once a transaction gets carried through. This way even if there is fraud, at least you will come to know of it immediately and alert your bank to block your card to prevent further loss.