Chandigarh, 23 January, 2025 (Punjab Khabarnama Bureau): If you have an account in any bank, you must also have a debit card, i.e., an ATM card. Nowadays, many people are using debit or credit cards. However, ATM cards should be used with caution.
A small mistake can lead to significant damage. The number of cybercriminals is rapidly increasing in today’s time. In such a situation, a mistake could empty your entire bank account. Therefore, it is essential to stay cautious about everything related to your bank account, especially when it comes to ATM or credit cards.
In fact, the front side of an ATM card contains a 16-digit number. Many cards also display the name and expiry date. However, the back of the card contains a three-digit number. Many people ignore this three-digit number, but it is very important.
CVV Number on an ATM Card: The three-digit number written on the back of an ATM or credit card is called the Card Verification Value (CVV). This number is required for making any online payments. Without this number, verification is not possible.
In such a situation, if this number along with the card details falls into the hands of a scammer, your bank account could be emptied. This is why the RBI has advised that you should always keep the CVV number written on your card hidden, or if possible, note it down somewhere and erase it from the card. This way, if the card is lost or falls into the wrong hands, there will be no financial loss.
To avoid online fraud, you should avoid saving your ATM card details on any platform. Always be cautious when making online payments, as you will often be asked if you want to save the card details for quick payment. You should avoid this, especially if the platform is not secure, as there remains a risk of significant loss.
Free Insurance on ATM Cards: If you have used an ATM card from any bank for more than 45 days, you are eligible for free insurance. This includes accident insurance and life insurance. You can claim the insurance in both of these situations. The amount is determined according to the card’s category.
SBI offers its Gold ATM cardholders a cover of ₹4 lakh (air death) and ₹2 lakh (non-air death). Additionally, premium cardholders receive ₹10 lakh (air death) and ₹5 lakh (non-air death) coverage. Many banks, including HDFC, ICICI, and Kotak Mahindra Bank, provide different coverage amounts on their debit cards. Some debit cards provide free accident insurance coverage of up to ₹3 crore. This insurance coverage is provided free of charge, and no additional documentation is required by the bank.
Summary: The Reserve Bank of India (RBI) has issued a warning to immediately erase the numbers written on ATM cards. These numbers could become a tool for fraud, and the public has been advised to remain cautious.