The feature automatically sets Visa Electron Cardholders’ ATM withdrawal amounts to $300 and limits transactions to two per 24-hour period to protect against unauthorized ATM transactions that surpass that limit.
In December, the company experienced a spike in compromised merchant accounts and PIN numbers, later responding by resetting PIN codes of its account holders.
“We have added the ATM Protection Program as an extra security option in case that Electron cardholder accounts gets skimmed when they use a ATM or Swipe terminal,” ePassporte’s Michael Olsen told XBIZ. “Card skimming is a global problem and we see this as the best option to prevent fraudulent transactions on our account holders’ cards.”
Skimming is the theft of credit card information in an otherwise legitimate transaction. Often considered an inside job, the thief can steal that information by simply photocopying receipts or with the aid of a small electronic device known as a skimmer.
ePassporte’s ATM Protection Program is optional to its clients, it can be activated and deactivated at any time. However, when users set their own ATM limits, they assume liability for all unauthorized ATM transactions.
“For the best security possible we recommend that our accountholders use all the security features available on their account like the ATM Protection Program, setting up security questions, regularly changing password and PINs and keeping funds in their ePassporte Wallet,” Olsen said. “This will provide protection if, for example, their card is skimmed at an ATM or a merchant has their card database compromised.”
An ePassporte Wallet is a secure location where funds may be stored. These funds cannot be spent via the client’s Visa Electron Card and thus keeps them safe until manually transferred into the Electron Card account.
The Visa-supported Electron card can be used wherever Visa is accepted electronically and at ATM locations worldwide.