Philippine Savings Bank said it created the ATM Lock feature in its mobile banking and internet facilities amid the rising number and different tactics for ATM and card fraud and various online scams.
PSBank said the ATM Lock feature was an additional tool to ensure PSBank clients’ accounts’ safety. ATM Lock empowers cardholders by giving them an additional layer of protection against unauthorized use of their ATM card, arising from ATM loss, theft, skimming, and other forms of electronic fraud.
Cardholders can activate the ATM Lock feature through PSBank Mobile or PSBank Online. Locked ATM cards may not be used for any ATM and point-of-sale transactions, and online purchases that require use of the ATM card number.
“A lot of people are increasingly worried about the rising incidents in ATM fraud. It only takes less than a minute for ATM scammers to install their card skimming or copying devices on an ATM. Aside from being portable enough to be re-usable, these devices are well-hidden, too, and virtually impossible to detect on the ATM to the untrained eye,” PSBank vice president and information security division head Dan Jose Duplito said.