Pos has made cash withdrawal very easy and despite the charges that comes with using it a lot of people prefer using it than going to the ATM because of the long queue at the ATM and the difficulty of locating an ATM.
Infact it’s easier to locate a pos agent than to locate an ATM as pos agents are located at every hook and cranny thereby making it a convenient choice for many. However, how safe is it to use pos for withdrawal?
First, a lot of people do not know that a pos agent can check your account balance without you even knowing when you have inserted your card, this is definitely a red flag as no one should have access to your bank account balance other than you.
Secondly, they can copy your card pan, card number and CVV and make withdrawals from your account without using your physical card. There is a lot of fraudulent pos agents out there so you truly need to be cautious about where you use your card.
Thirdly, some pos agent try to play smart with you when a transaction doesn’t go through. They’ll show you that a refund action is showing on their pos. You will truly see the refund showing on the pos, they would now ask you for your account number and phone number to make a refund to you. Pls do not fall into this trap! If the transaction wasn’t successful there is really no need of refund, it’s just a trap to get your account number and phone number since they already have the card number in order to use it for cardless withdrawal at ATM.
Fourth, some pos agent also try to get the pin of your card. Especially when they ask you to input your pin more than once be at alert as they are using the pos to capture your card pin.
BEST WAY TO AVOID BEING A VICTIM OF POS FRAUD
Choose to make transfer instead of using the pos. A lot of pos agents accept transfer, so request that you want to do transfer. It is safer than handing your debit card to someone you don’t know.
If transfer isn’t an option for you then stick to just one or two pos agent that you truly trust rather than using any pos agent you come across. Remember, your debit card is the password to your bank account so you need to protect it as best as you can.