Important note when losing the ATM card with chip, what to do to avoid being stolen from the account by crooks?

According to the roadmap outlined in Circular 41/TT-NHNN (December 28, 2018) of the State Bank of Vietnam (NHNN), after December 31, 2021, banks will not issue magnetic cards, instead of a chip card, to increase security and safety for cardholders.

This new regulation will make chip ATM cards more widely used and completely replace magnetic ATM cards. In the process of using a chip ATM card, there will be an unfortunate event that the card is lost. To prevent fraudsters from stealing money in your account, you should note the following.

Important note when losing ATM card with chip

Chip-on ATM cards have many advantages over ATM cards when they have much higher security. Accordingly, cardholder information is encoded in the form of a computer’s binary system of symbols. The chip’s encryption is constantly changed, increasing the security of information.

When you lose your card, you must report it immediately to the bank and ask the bank to block the card

However, depending on the bank and limit, when paying, ATM card users do not need to enter a password. Therefore, when you lose your card, you must report it immediately to the bank and ask the bank staff to block the card. This helps to prevent fraudsters from making transactions such as payments, withdrawals, etc. from your account.

After that, you need to bring your identification documents such as Identity Card, Identity Card, Passport to the Bank’s headquarters or transaction offices or branches for instructions on re-issuing a new card.

Ways to lock ATM card with chip need to know in case of card loss

To lock your ATM card with chip , you can do it in the following 4 ways:

1. Call the switchboard

When wishing to lock the account bank , the easiest way is you please call the switchboard. All banks have Hotline numbers to support customers when having problems in transactions. The operator will support the cardholder to lock the account quickly to prevent unwanted transactions.

2. Made at bank counters

You can go directly to the bank’s head office/branch or transaction office of the bank you are using to lock the card. However, the disadvantage of this method is that it takes time if the counter is crowded with customers. In case of loss at night, you also need to wait until the bank’s business hours to be supported.

3. Using Internet Banking/Mobile Banking

Locking ATM card accounts by logging in to Internet Banking is the most commonly used method today

Using Internet Banking/Mobile Banking to lock your bank account is the fastest way today. You just need to log into your account into the application of the bank you are using and select the card lock function. When there is a need, you can also reopen the card easily.

4. Made at ATM

In addition, another option is to do it at ATMs through QR Code scanning. Currently, some banks have integrated card closing and locking features at ATMs. Customers can do it on weekdays, regardless of time.

I lost my ATM card with chip, can I withdraw money?

When you lose your ATM card with chip, your bank has been notified to block the card, while waiting for a new card to be reissued, you can still withdraw money without using the card by 2 methods:

While waiting for a new chip ATM card, you can completely withdraw money without a chip ATM card

– Bring ID card/CCCD with chip to transaction offices/bank branches for cash withdrawal procedures.

– Download the banking application to your device, then scan the QR code at ATMs, you will be able to withdraw money without using a card. Most banks now support customers to withdraw money in this way.