BREAKING: EFCC Alerts Nigerians About ATM Swap Fraudsters

The Economic and Financial Crimes Commission (EFCC) cautions Nigerians to remain vigilant against ATM swap fraudsters, citing an influx of public complaints on the matter....CONTINUE READING

The Head of Media and Publicity at the EFCC, Mr. Dele Oyewale, issued a statement to journalists in Ibadan on Tuesday, advising the public…CONTINUE READING>>

Oyewale mentioned that the Commission’s investigations have connected unauthorized withdrawals from customers’ bank accounts to fraud through the swapping of Automated Teller Machine (ATM) day debit cards.

The fraudsters’ method involves retaining a debit card from the same bank and deceitfully swapping the card under the pretext of assisting a befuddled bank customer at any ATM location.

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“They swap the card in such a hurry that the customer would not notice and at the same time memorize the pin used in trying the fake cards.

“These cards get stuck in the machine due to a wrong pin, and the fraudster quickly abandons the victim, advising him/her to report to the bank while making away with the victim’s card to make immediate withdrawals from the account.

“This card swapping typically happens at any service delivery point, such as Point of Sale (POS) terminals and ATM points, among others,” Oyewale said.

He noted that this deceitful activity was on the rise nationwide, urging the banking public to exercise greater caution when using debit cards.

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The commission provided valuable tips for the banking public to minimize the risk of financial losses. These recommendations include keeping cards within view or in a secure location after completing transactions and verifying that the card rightfully belongs to the cardholder.

“Regularly check your bank statements for any unknown transactions, and set transaction alerts to monitor any activity on your accounts or with your bank card are also vital in stopping fraudsters.”

“You could also cover the keypad with your hand or body when entering your PIN at a POS terminal/ATM and never be in a rush to make payments or withdrawals, and request assistance only from officials of the bank.”

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“Call your banks to block your ATM cards immediately if your cards are stuck in the ATM machines or whenever you observe any irregularity.”

“Ensure you know your bank’s ATM offline, blocking code, and quickly make use of it whenever it is misplaced or stolen.”

“Dial the USSD code *966*911# and follow the pop-up instructions to block your ATM card instantly,” the EFCC advised.

Oyewale said the commission would not relent in safeguarding personal, corporate, and national finances in its quest to rid the nation of all forms of economic and financial crimes…CONTINUE READING>>

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