The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians to the increasing threat of ATM swap fraud, emphasizing the surge in public complaints regarding unauthorized withdrawals from bank accounts.
Mr Dele Oyewale, the Head of Media and Publicity for the EFCC, disclosed that the commission’s investigations have unveiled a concerning trend of Automated Teller Machine (ATM) day Debit Card swapping fraud, where criminals discreetly replace a customer’s card with a similar one from the same bank.
The modus operandi of these fraudsters involves seizing the opportunity to swap cards under the guise of assisting a confused bank customer at any ATM point. Oyewale urged the banking public to exercise caution and heightened awareness when using ATMs.
“They swap the card in such a hurry that the customer would not notice and at the same time memorise the pin used in trying the fake cards.
“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, and ATM points, among others,” Oyewale said.
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He emphasized that this deceptive scheme is gaining traction nationwide, urging the banking public to exercise increased caution when utilizing debit cards.
The EFCC outlined crucial tips to help individuals avoid falling victim to such scams, advising the public to keep their cards within sight or in a secure location after making any transaction.
“Regularly check your bank statements for any unknown transaction, set transaction alerts to monitor any activity on your accounts or with your bank card are also vital in stopping the fraudsters.
“You could also cover the keypad with your hand or body when entering your PIN at POS terminal/ATM machines and never 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 your cards are stuck in the ATM machines or whenever you observe any irregularity.
“Ensure you know your bank’s ATM off line, 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,” EFCC advised
Additionally, individuals were reminded to verify that the card in use belongs to them.
Expressing concern over the growing prevalence of this fraudulent practice nationwide, Oyewale reassured the public that the EFCC remains committed to safeguarding personal, corporate, and national finances.
