A public alert has been sent by the Economic and Financial Crimes Commission (EFCC) reporting an increase in fraudulent or illicit withdrawals from bank accounts connected to ATM debit card switching. Concerned Nigerians have complained to the EFCC on multiple occasions over this fraudulent practice.
This dishonest activity is carried out by fraudsters who maintain a debit card from the same bank. They quickly switch the card without the consumer seeing while remembering the PIN used with the fictitious cards, all while posing as helpers to a bewildered bank customer at an ATM. When the victim enters the wrong PIN and causes their card to become stuck in the machine, the fraudster leaves the victim and tells them to contact their bank. Using the stolen card, the fraudster proceeds to take instant withdrawals from the victim’s account.
ATMs and Point of Sale (POS) terminals are only two examples of the service delivery locations where this card switching system is common. In order to prevent being a victim of these types of frauds, the EFCC advises the banking public to utilize debit cards with caution.
The EFCC provides the following advice to reduce the possibility of financial losses:
– Protect Your Cards: Make sure your cards are kept secure or out of sight. After completing a payment, confirm that the card you were given back is, in fact, yours.
– Regularly Examine Bank Statements: Keep a close eye on your bank statements to spot any unusual activity.
– Set Transaction Alerts: To keep an eye on activity using your bank card or accounts, turn on transaction alerts.
– Cover the Keypad: Use your hand or body to cover the keypad at POS terminals and ATMs when entering your PIN.
– Don’t Rush: Take your time making withdrawals and payments. Only ask bank employees for help.
– Report Lost Cards: If your ATM cards become stuck in machines or if you see any unusual activity, call your bank right once to have them blocked.
– Be Aware of the Bank’s ATM Offline Block Code: Learn the offline blocking code for your bank’s ATM and use it right away as necessary.
– Use USSD Code: To immediately disable your ATM card, dial 966911# and follow the on-screen instructions.
The EFCC promises the public that it will keep up its efforts to fight financial and economic crimes in order to safeguard individual, corporate, and governmental money.
– Use USSD Code: Dial the USSD code 966911# and follow the instructions to block your ATM card instantly.
The EFCC reassures the public that it will continue its efforts to protect personal, corporate, and national finances by combating all forms of economic and financial crimes.
