The number if instances of banking fraud in Malaysia is on the rise. So much so that some American banks have pulled the plug on allowing ATM and debit card transactions from there.
So here you are on a wonderful holiday away from home, and you have decided to explore southeast Asia as a getaway. The wonderful charming cultures of the region can certainly help round out life’s experiences and enrich your wisdom. That is until you discover your ATM card does not work even that the ATM machine is sporting the proper banking network logo. That can very quickly cause panic, particularly if it was not expected and your wallet is empty.
The cases of banking fraud have risen dramatically in the last few months. So much so the banks have simply gotten tired of getting ripped off. So in one painful mouse click, Malaysia was removed from the family of working ATM machines and card readers /scanners.
This does not mean all American banks will be disabled. Each bank has the ability to disable a country. But that does leave a dilemma if you discover this after you arrive. People have grown accustom to just finding an ATM to access their money, and the days of American Express travelers checks have passed into obsoleteness or so one would think.
In recent months Thailand has been on a serious crackdown on banking fraud. Particularly so when an influential Thai was ripped off for millions of Baht. And yes Thailand too suffers from the same painful bank mouse click if you care to check. So what this suggests is the crackdown is working in Thailand, and the criminals have moved to the next best neighborhood being Malaysia.
However all is not lost. Some banks have been busy refining the options on that painful banning mouse click. If you plan to travel to a blocked country, simply check with your bank’s fraud protection department and see if they can add your account to an exempt list. This will allow your card to function normally with all the fees banks like to charge. Your other option would be the good old fashion travelers check.
This does not mean you will be free from risk. The bank may ask for some sort of waver of responsibility should you become a victim in a blocked country. So the suggested plan is to learn about how bank fraud is being done.
In Thailand it was false faces on ATM Machines to capture PIN numbers. So selecting an ATM that is not in a secluded place was part of the suggested self protection measures. Now the ATM machines have been fitted with some sort of devise that makes the false face very obvious to the untrained eye or impossible to install on an ATM.
The bottom line is check with your bank before your grab your passport and fly off as it could keep your getaway a dream and not a nightmare.