In the years 2022 and 2023, the message started spreading rapidly on WhatsApp, Facebook, and other social media platforms that pressing the cancel button twice while withdrawing money from the ATM can prevent PIN theft. So many people believed this claim that this habit became common among millions of users. But recently, the PIB Fact Check team termed it a rumor and clarified that it has no technical basis.
Read Here- Taking a car loan is cheap, these 5 banks are offering loans at the best interest rate
RBI never gave such a suggestion
In this claim spread on social media, it was also said many times that this advice has been given by the Reserve Bank of India (RBI) itself. Whereas the reality is that the RBI never issued any such guidelines. The job of the cancel button is only to stop the transaction. If you change your mind in the middle, choose the wrong option, or face technical problems, then you can stop the process by pressing the cancel button. But it has nothing to do with PIN theft or hacking.
How PIN is stolen
ATM fraud is mainly caused by skimming devices, hidden cameras, and bystanders. Sometimes fraudsters steal data by installing fake card readers on the machine. In some cases, the camera records the user’s hand movements. In such a situation, pressing the cancel button does not prove to be helpful in any way.
Read Here- PM Kisan Yojana: When Will the 21st Installment of Farmers Come, Check The Status Like This
Precautions required for safe ATM use
If you want to use the ATM safely, then you have to take care of some basic things. While entering the PIN, always cover the keypad with your hand so that no camera or person can see the PIN. Do not use a machine on which strange devices or loose parts are visible. Always withdraw money from ATMs located in safe and well-lit places. Keep SMS alerts active so that you can get immediate information about any transaction from the account. Keep changing the PIN every three to six months and avoid easy numbers like date of birth or combinations like 1234. If the card is lost or swallowed by the machine, inform the bank immediately.