See How Fraudsters Use ATM Card Swapping To Empty Bank Accounts

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A new fraud scheme of fraudsters swapping ATM cards to empty accounts of bank customers has been exposed by the Economic and Financial Crimes Commission (EFCC).

The EFCC disclosed it has been inundated with a barrage of complaints from well-meaning Nigerians concerning unauthorised withdrawals from their bank accounts, which investigations linked to ATM card swapping fraud.

The modus operandi of the fraudsters involved in this nefarious practice involves keeping a debit card from the same bank, and in the guise of helping a confused bank customer at any ATM point, swapping the card in such a hurry that the customer would not notice and at the same time memorises the pin used in trying the fake cards.

These cards get stocked 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 in any service delivery point, such as Point of Sale, POS, terminals, ATM points, among others.

“The fraudulent practice is gaining momentum across the country and the banking public is enjoined to be more circumspect in the use of debit cards,” EFCC stated.

How to protect yourself against ATM card swapping fraud

In view of the foregoing, the following tips may be useful in avoiding further financial losses by the banking public.

  1. Cards should be kept in sight or in a safe place. Whenever you get your card back after making any payment, make sure it is actually your card and not just one that looks similar.
  2. Regularly check your bank statements for any unknown transaction.
  3. Set transaction alerts to monitor any activity on your accounts or with your bank card.
  4. Cover the keypad with your hand or body when entering your PIN at POS terminal/ATM machines.
  5. Do not be in a rush to make payments or withdrawals and request assistance only from officials of the bank.
  6. Call your banks to block your ATM cards immediately when your cards are stuck in the ATM machines or whenever you observe any irregularity.
  7. Ensure you know your bank’s ATM offline blocking code and quickly make use of it whenever it is misplaced or stolen.
  8. Dial the USSD code *966*911# and follow the pop-up instructions to block your ATM card instantly.



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