The rise in cyber crimes across India presents a worrying future for a country that’s fast pushing towards a cashless economy.
The surge in incidents of phishing, identity theft, and online frauds have been complimented by a rise in digital payment systems, e-wallets and easier availability of debit cards.
Banks are trying to counter these statistics by introducing more stringent laws which protect their client’s money.
For instance, banks like the Karur Vysa Bank offer a host of measures which enable people to quickly block their debit cards in case it’s stolen/lost/damaged or misplaced.
About the bank: Karur Vysya Bank was established in the town of Karur in 1916. The bank was started with a seed capital of just Rs 1 lakh and has moved from strength to strength and seeks to provide innovative and affordable banking solutions to people with a pan-India network of branches and ATMs.
1. Via SMS banking
- One can block a Karur Vysya Bank debit card via SMS banking as well.
- A client needs to text a message to 56161 or 9244770000 in this format ‘KVBCARD XXXX BLOCK’, wherein ‘XXXX’ stands for the last four digits of the debit card.
- Clients should understand that they should consider a debit card hot-listed only if they get an alert from the bank.
2. Via phone banking
- If one has lost a debit card, he or she can also block the debit card by calling up the bank’s customer care at 1860 200 1916, which is available 24 x7.
- The caller is greeted by a phone banking executive who would process the request to hot-list a debit card, after confirming the caller’s identity.
3. Via Mobile banking
- Any client of Karur Vysya Bank can hot-list a debit card by downloading any of the bank’s two mobile applications—KVB mPay or KVB e-book.
- One should take care that they should be registered users of the bank’s mobile banking services before using this option. Users can download the app, which offers the facility of self-registration.
- In the last option, one can easily block a debit card by visiting the nearest branch of Karur Vysya Bank. In case of any query, one can consult the bank’s staff.
- For more information, once can visit the bank’s official website at http://www.kvb.co.in.
Lost or stolen debit card
- Karur Vysya Bank has a separate set of guidelines for situations when one’s debit card is lost or stolen.
- They should report the theft to a police station and then confirm the loss to the bank.
- The client should immediately intimate the bank about the lost or stolen card by writing to them at—The Karur Vysya Bank Limited, ATM Cell, Uffizi Complex, 338 Avinashi Road, Peelamedu, Coimbatore-641004.
- The bank would try to replace the card as soon as possible.
- In case, one accidentally finds the debit card again, they should not try to use it again and instead should destroy it by cutting through the magnetic strip at the back of the debit card.