Beware of ATM swap fraud – EFCC alerts Nigerians, issues advisory

The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against ATM swap fraudsters, saying the Commission had been inundated with a barrage of complaints from the public concerning the incident.

Spokesperson of the anti-graft agency, Dele Oyewale, said investigations by the Commission have linked unauthorised withdrawals from customers’ bank accounts to Automated Teller Machine (ATM) Debit Card swapping or fraud.

Oyewale said that the modus operandi of the fraudsters involved keeping a debit card of the same bank and swapping the card in the guise of helping a confused bank customer at any ATM point.

“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,” he explained, adding that the fraudulent practice was gaining momentum across the country.

The Commission, however, listed the useful tips to be adopted by the banking public.

To avoid further financial losses, EFCC advised that ATM cards be kept in sight or in a safe place.

“Regularly checking your bank statements for any unknown transaction, and setting 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 terminals/ATMs and never be in a rush to make payments or withdrawals and request assistance only from officials of the bank.

“Call your banks to block your ATM cards immediately if your cards are stuck in the ATMs 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,” EFCC advised

Oyewale said the Commission would not relent in safeguarding personal, corporate and national finances in its quest to rid the nation of all forms of economic and financial crimes.