POS machines have become an essential part of our daily transactions, making payments at shops and restaurants smooth and hassle-free. With the convenience of POS machines, people tend to use them frequently for their financial transactions. However, there are instances where we may lose our POS machine, causing a panic situation. If you have bound your bank card with the POS machine, losing it could lead to your financial information getting leaked. Therefore, in this article, we will discuss what to do if you lose your POS machine bound with your bank card.
Step 1: Immediate Suspension
The first step that you should take before everything else is to immediately call your bank and report the loss of your POS machine. When you inform them, the bank will promptly suspend your card to prevent any unauthorized usage. It is essential to act quickly in such situations so that the thief cannot use your card to perform any illegal activities.
Step 2: Lodge a Complaint
In the event of losing your POS machine, it would be wise to inform the police station and register a complaint. The police station will issue you a copy of the FIR, which will be useful if the thief manages to misuse your card. The FIR copy is also required when you approach the bank for a replacement card.
Step 3: Applying for a New Card
Once you have lodged a complaint and informed the bank, the next step is to apply for a new bank card. Depending on the bank’s policy, you can either visit the bank branch and apply for a new card or do it online. However, before you apply for a card, ensure that all the necessary documents are in order. You might be required to submit your identity proof, address proof and a copy of the FIR.
Step 4: Checking the Transactions
It is essential to regularly check your bank account transactions, especially after losing your POS machine. Even if the card is suspended, it is best to check for any suspicious activities on your account. In case of any unauthorized transactions, report to the bank immediately, and they will investigate the matter further.
Step 5: Being Cautious
Losing your POS machine can be a nerve-wracking experience, but it is crucial to remain calm and cautious. Be mindful of your surroundings while using the POS machine and avoid sharing your PIN with anyone. Always ensure that you collect your card from the machine before leaving the premises. If you are using a public POS machine, check for any signs of tampering before inserting your card.
Conclusion
Losing a POS machine can be stressful, but there are steps that you can take to prevent any financial loss. The most important thing is to inform the bank immediately and apply for a new card. Regularly checking your bank account transactions and being cautious while using the POS machine will ensure that you keep your financial information safe.