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ATM Fraud Alert: 25 percent Public Sector Bank ATMs may be Vulnerable

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Guwahati: The Government on Friday pointed out that 25 percent of Automated Teller Machines (ATM s) operated by the public sector may be vulnerable to fraud.

In response to a  question in the Parliament the government replied that as these cash dispensers run on software that is outdated, the risk of frauds increase. The ATMs do not even match basic security standards.

However, they abstained from commenting on ATM s run by private banks. Although the number of private players has substantially increased, public sector banks control almost 70% of the business.

In response to a number of complaints by customers on ATM-related frauds, the Reserve Bank of India (RBI) had issued an advisory asking all the banks to upgrade their software and monitor compliances.

Between July 2017 and June 2018, around 25000 complaints related to debit and credit card discrepancies were received, while the transaction between this period was Rs 861 crore, the Government informed the parliament.