EFCC alerts Nigerians on ATM and POS scam

EFCC alerts Nigerians on ATM and POS scam

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EFCC alerts Nigerians on ATM and POS scam

The Economic and Financial Crimes Commission

EFCC alerts Nigerians on ATM and POS scam. According to the Economic and Financial Crimes Commission, the rate of unauthorized withdrawals from clients’ bank accounts has reached an alarming level.

The commission revealed this in a statement acquired by The PUNCH on Monday night from its Head of Media and Publicity, Dele Oyewale.

It noted that after some investigations, the commission found that such withdrawals are linked to Automated Teller Machine, Debit Card swapping or fraud.

The statement went on to say, “The Economic and Financial Crimes Commission has been inundated with a barrage of complaints from well-meaning Nigerians concerning unauthorised withdrawals from their bank accounts, which investigations by the commission have linked to Automated Teller Machine, ATM, Debit Card swapping or fraud.”

According to the EFCC, the “modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card of the same bank, and in the guise of helping a confused bank customer at any ATM point, swaps the card in such a hurry that the customer would not notice while simultaneously memorizing 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,” the statement went on to say.

According to the commission, “card swapping typically happens in any service delivery point, such as Point of Sale, POS, terminals, ATM points, among others,” and it underlined that the “banking public is enjoined to be more circumspect in the use of debit cards.”

Given the foregoing, the following suggestions may be effective in preventing further financial losses by the banking public.

1. Cards should be kept visible or in a secure location. When you get your card back after making a payment, double-check that it is your card and not one that looks identical.

2. Check your bank statements on a regular basis for any unusual transactions.

3. Create transaction alerts to keep track of any activity on your accounts or with your bank card.

4. When entering your PIN at POS terminals/ATM machines, cover the keypad with your hand or body.

5. Do not be in a hurry to make payments or withdrawals, and only seek assistance from bank authorities.

6. Contact your bank immediately to get your ATM cards blocked if they become stuck in ATM machines or if you notice any irregularities.

7. Know your bank’s ATM offline blocking code and use it immediately if it is misplaced or stolen.

8. Enter the USSD code *966*911# and follow the pop-up instructions to immediately disable your ATM card.

“The EFCC will not relent in safeguarding personal, corporate and national finances in its quest to rid our nation of all forms of economic and financial crimes,” the statement went on to say.

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