“Beware”: EFCC Alerts Nigerians on ATM Swapping Fraud, Shares 9 Tips
- The EFCC warned the public about the growing trend of ATM card-swapping scams, a new method employed by fraudsters
- In a statement released on Monday, the anti-graft agency revealed the deceptive tactics used by fraudsters involved in the practice
- EFCC, however, shared crucial tips to protect Nigerians from financial fraud and loss via its website
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements
The Economic and Financial Crimes Commission (EFCC) has warned Nigerians not to fall for the tricks of fraudsters who carry out their fraudulent scheme by swapping the Automated Teller Machine (ATM) of unsuspecting citizens.
Source: Twitter
In a statement posted on X page and signed by Dele Oyewale, its head of media and publicity, the agency noted that its investigations linked unauthorised withdrawals from victims to ATM or Debit Card swapping fraud.
Narrating how the fraudulent individuals carry out their scheme, the anti-graft agency said:
"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 shares tip on ATM 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 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 *966*911# and follow the pop-up instructions to block your ATM card instantly.
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.
PalmPay explains why Nigerian banks lost N6bn to fraud
Earlier, Legit.ng reported that PalmPay explained why many people fall victim to cyber scams and end up losing their money or valuables.
The Nigerian-based fintech company, in a report, highlighted that failing to report fraudulent transactions early enough allows criminals to move the stolen funds to safe places.
Police arrest man scamming Nigerians with fake Dangote Cement price slash
Meanwhile, the Lagos state police command arrested Benjamin Ezeukwe, a 28-year-old man accused of creating a fake Dangote cement-price-slash promo to fleece hundreds of Nigerians.
SP Benjamin Hundeyin, Lagos police spokesman , disclosed this in a statement released on Sunday, November 26.
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Source: Legit.ng
