EFCC Alerts Public About ATM Swapping Fraud Occurring at POS Terminals and Other Locations

The Economic and Financial Crimes Commission (EFCC) has issued a public warning about a recent financial fraud technique known as ATM card swapping.

According to a statement by Dele Oyewale, the commission’s spokesperson, fraudsters engaged in this illicit activity typically use a debit card from the same bank. They approach unsuspecting customers at ATM points, posing as helpful individuals, and swiftly swap the victim’s card while creating a distraction. This method is designed to be so quick that the customer fails to notice, allowing the fraudster to also memorize the PIN entered while attempting the fraudulent card.

“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, 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.'”Oyewale said

In view of the foregoing, the EFCC gave the following tips to help Nigerians prevent these kinds of financial fraud.

“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 *966*911# and follow the pop-up instructions to block your ATM card instantly.”

Oyewale added that 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.