EFCC warns Nigerians against ATM swap fraudsters

The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians against scammers engaging in ATM switch, saying that the commission has received a lot of complaints about the crime.

The EFCC’s Head of Media and Publicity, Mr Dele Oyewale, gave the warning in a statement on Tuesday.

Oyewale stated that the Commission’s investigations have linked unauthorized withdrawals from clients’ bank accounts to ATM Debit Card switching or fraud.

He added that the crooks’ method entailed keeping a debit card from the same bank and switching it in the guise of assisting a bewildered bank customer at any ATM.

“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.

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“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 in any service delivery point, such as Point of Sale (POS) terminals, and ATM points, among others,” Oyewale said.

Oyewale listed some tips through which unauthorised withdrawals can be prevented.

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

Below are the tips.

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 for 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 966911# and follow the pop-up instructions to block your ATM card instantly.

The EFCC spokesperson added that the agency 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.