This post has been written specifically to educate people of another kind of fraud at the ATMs.
The story narrated below is a real incident that happened today.
A sixty years old year man, living in a small town, visits a neighborhood ATM early morning to withdraw some cash. Like always, he inserts his debit card, enters PIN and requests for cash withdrawal. As machine does not have enough currency notes, machine informs that amount entered is large and requests him to choose a smaller amount. He tries 2-3 times and is able to only withdraw 2-3000. Now the old man is confused what to do.
At this moment, a young man who was standing in ATM cabin, comes closer and offers help with operating machine. Since the old man is not very comfortable with new-age technologies like ATMs etc, he agrees to take help from this young man. Young man takes his card and moves to operate ATM.
Now the awe begins! To old man’s surprise, young man too had a similar debit card. He immediately sensed something was wrong and snatched both the cards from young man and asked him what was he doing. Now the young man was red faced and he immediately ran out of the ATM.
Now the question is “what the young man was trying to do“.
He was sneaking behind the old man, trying to see what PIN is he entering which he managed to find out. His intention was to withdraw the desired cash for the old man and give him the other card so that he can misuse his card later, of which he now knows the PIN.
It was good presence of mind from the old man to smell foul and take quick action, otherwise he could have lost some part of his hard earned or retirement money.
In this case he was not very much interested to inform the matter to bank manager, as he felt that it may involve police and he did want to take pain of visiting police station (not forgetting the cooperative and supportive police departments we have in world’s largest democracy!).
Lessons learnt from this story:
Please remember since you had you 10th mark sheet or license or first bank account, you are being/can be watched by everyone from our government to FBI and CIA!
Please remember your security and well being is your priority and for that you have to be watchful towards your environment. The old man in this story called me to tell about this incident in the evening.
He is my Father.
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Thanks to guide all of us. Undoubtly we will keep in mind this and educate others.
Thanks for guidance. I am 67 and planning to use ATM.
Thanks Pankaj.
This is good to know.Usually we neglet all this imp things in our life and keep blaming to our luck.
Thanks once again and definately i will circulate this among others.
sir,
how is bharti axa life ajjevan anand policy
one person from bajaj capital compelled me to put 44000/-per year inbharti axa life ajjevan anand policy.tell me sir is it good or not .so that i can stop/withdraw this immediately.my age is 45.working in psu
2. policy issue date is may 25/5/2011(joining date)and policy premium receipt is from for the period of april 01/2010 to june 2011. is it correct .before joining how they took premium .pls give me your good advise.thank u
jomy
@Jomy
Please withdraw policy and get term insurance instead if you want insurance coverage. For future returns, invest into diversified mutual funds or PPF.
As policy issue date is 25th May, Its under free lookup period as of now. You may return it back with non-acceptance.
I am not sure if policy is starting from May 2011, how you can pay for Jan 2010-June 2011. Something is wrong somewhere.
Quite informative!!
I have been investing in Reliance SIP called Small Cap. The NAVs are certainly not doing well from its very beginning.. Now I am not sure whether i shall continue it or withdraw it after paying the exit load. Please advice..
@R Dtt
Small cap funds arein high risk category. Markets have not been doing pretty well since last 8-10 months.
If you want some safety, I would advise you to exit this fund and switch to equity diversified funds with large cap investments.
I think the old guy is lucky and noticed before anything gone wrong.
Hello Pankaj, Its nice to see you leaving your job and taking personal finance full time which may help us in our personal finance queries. We all hope that you would give us much more time to solve our personal finance queries.....Can we know are you taking this venture full time and what are your plans to help all of us
@Yoovan
Yes, I am working full time on these personal finance queries.
You may also visit http://www.socialfinance.in/
Hi First of all thank you for the income tax calculator, its a great help to community,
I am an IT professional and single source of income holder, lastyear i joined one MNC which paid me 1,00,000/ INR of Joining Bonus, but i had to left that company by 1 month and as per agreement i had to pay back the Joining Bonus amount if i leave in one year, so i paid back, now the question is that Organization deducted flat 10% of income tax on the joining bonus that is 10k, and as a matter of fact i have never used that money and pay back to company next month in full 1,00,000/- INR, so is there any way to claim the tax that i paid. please let mek now the process of the same also, wil be a great help.
Thanks,
Bharat.
@Bharat
Your query has also been answered on http://www.socialfinance.in/questions/1146/tax-deducted-on-joining-bonus-which-was-return-back-tocompany-in-month
Thanks for sharing such trivial but important tips. most of us do not give it a much thought when it comes to ATM transactions.