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Bank account looted after customer loses ATM card

Jun 19, 2009 News

Thirty-seven year-old pharmacists, Ramkarran Ram, discovered his debit card missing on Monday night and on Tuesday morning when he went to report it to the bank he got the shock of his life.
He discovered that there were several withdrawals totaling close to $300,000 and no one at the bank could give a feasible explanation.
Ram has a joint savings account with his mother at a popular city bank and only he knows the pin number to access his account–not even the bank knows his pin number or so it seems.
He is at a loss as to how someone could make withdrawals from his account with his lost debit card.
Speaking with this newspaper yesterday, the young pharmacist said that he has been saving with the bank for several years to accumulate money to build his own house.
“I trusted the bank. I never had a problem with them.”
The last time he deposited money into his account was on June 10, and he is certain that he did not leave his debit card in the automatic telling machine booth.
On Monday night he discovered that his card was missing and early the next day he contacted the bank to first report the loss and then to have a replacement card.
But upon checking his balance he found that it was short by a significant amount.
“They told me that somebody was using my card. The person knows my pin number. How could somebody have my pin number?” he questioned.
According to Ram, it could not be his mother since she does not even know how to access the account using a debit card.
He is also certain that it was no one closely connected to him since he reiterated that only he knows his pin number.
“The bank is telling me that someone must have traced me to see my pin number but I am always careful to ensure that no one is around when I am putting in my number,” Ram said.
A statement obtained from the bank showed that on June 15 there were 14 withdrawals of $20,000 each and one for $15,000.
Ram said that he was told that the withdrawals were made from ATMs on the East Bank of Demerara and on Sheriff Street.
But there was another surprise for Ram.
“On Tuesday when I visited the bank, the clerk told me that there was a withdrawal for $100,000 that day,” Ram explained.
Apparently someone was still trying to withdraw money from his account even as he was making the report about his lost debit card.
As it turned out the debit card was rejected and was stuck in an ATM on the East Bank of Demerara.
An official at the bank told this newspaper that they have received a report from Ram and have launched an investigation.
However, the official explained that not even the bank knows a customer’s pin number so the bank too is at a loss as to how the money was withdrawn.
“It is virtually impossible for someone else to have your pin number if you don’t give it to them. The process in which the number is encoded to the card is such that the machine is only turned to you,” the bank official explained.
“The bank is doing an investigation,” the official assured.
According to Ram, he was told that the cameras at the ATMs are only for the protection of the bank’s property and do not pick up customer transactions.
Ram was advised to report the matter to the Police Fraud Squad at the headquarters of the Criminal Investigation Department, Eve Leary.
But in light of what has transpired, Ram is skeptical of uplifting another debit card.
“They asked me if I want another card and I said no. I just want an ordinary bankbook. I don’t know how I will recover my money; maybe I will have to take them to court,” Ram told this newspaper.

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