EFCC Explains How ATM Card Swapping Fraud Is Done

EFCC Explains How ATM Card Swapping Fraud Is Done

The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians regarding the fraudulent practice of Automated Teller Machine (ATM) Debit Card swapping.

The Commission issued this advisory through a statement signed by its spokesperson, Dele Oyewale, acknowledging numerous complaints from concerned Nigerians reporting unauthorized withdrawals from their bank accounts.

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Oyewale, in the statement, revealed that the Commission’s investigations have established a connection between these complaints and the fraudulent activity of ATM Debit Card swapping.

“The modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card of the same bank, and in the guise of helping a confused bank customer at any ATM point, swaps 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,” he said.

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He explained that these cards become stuck in the machine due to an incorrect PIN, and the fraudster promptly leaves the victim, instructing them to report to the bank while absconding with the victim’s card to make immediate withdrawals from the account.

Oyewale noted that such card swapping incidents typically occur at various service delivery points, including Point of Sale (POS) terminals and ATM points.

This deceptive practice is on the rise nationwide, and the EFCC has urged the banking public to exercise greater caution when using debit cards.

The Commission emphasized that, considering the aforementioned, the following tips can be valuable in preventing further financial losses for the banking public: Cards should be kept in sight or stored in a secure location.

“Whenever you get your card back after making any payment, make sure it is actually your card and not just one that looks similar. Regularly check your bank statements for any unknown transaction,” Oyewale said.

“Set transaction alerts to monitor any activity on your accounts or with your bank card. Cover the keypad with your hand or body when entering your PIN at POS terminal/ATM machines.

“Do not be in a rush to make payments or withdrawals and request for assistance only from officials of the bank. Call your banks to block your ATM cards immediately when your cards are stuck in the ATM machines or whenever you observe any irregularity.

“Ensure you know your bank’s ATM offline blocking code and quickly make use of it whenever it is misplaced or stolen. Dial the USSD code *966*911# and follow the pop-up instructions to block your ATM card instantly.”

Oyewale said 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.

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