The Economic and Financial Crimes Commission (EFCC) has issued a public advisory in response to a surge in complaints from concerned Nigerians regarding unauthorized withdrawals from their bank accounts. The investigations conducted by the Commission have traced these incidents to Automated Teller Machine (ATM) Debit Card swapping or fraud.
The fraudulent activities hinge on a cunning modus operandi, wherein perpetrators, in possession of a debit card from the same bank, approach unsuspecting customers at various service delivery points, including Point of Sale (POS) terminals and ATM points. Operating under the guise of assisting a confused bank customer, the fraudster swiftly swaps the victim’s card, memorizing the PIN in the process. Subsequently, the manipulated card is intentionally jammed in the machine due to a wrong PIN, leaving the victim oblivious to the scam. The fraudster then abandons the victim, advising them to report the issue to the bank, while absconding with the victim’s card to make immediate withdrawals.
This alarming trend is on the rise nationwide, prompting the EFCC to urge the banking public to exercise heightened vigilance when using debit cards. In light of these developments, the EFCC provides the following tips to mitigate the risk of financial losses:
Keep cards in sight or a secure location. Verify that the returned card after a transaction is indeed yours. Regularly review bank statements for any unfamiliar transactions. Set up transaction alerts to monitor account activity and card usage.
Maintain privacy when entering PINs at POS terminals/ATM machines by covering the keypad with your hand or body. Avoid rushing during payments or withdrawals, and seek assistance only from bank officials. Promptly contact your bank to block ATM cards when stuck in machines or in case of any irregularities.
Familiarize yourself with your bank’s ATM offline blocking code and use it promptly if your card is lost or stolen. Dial the USSD code 966911# and follow the instructions to instantly block your ATM card.
The EFCC emphasizes its unwavering commitment to safeguarding personal, corporate, and national finances, reinforcing its determination to eliminate all forms of economic and financial crimes in the nation. The public is encouraged to stay vigilant and adopt these precautionary measures to protect themselves from falling victim to ATM swapping fraud.
