EFCC Reveals How Fraudsters Use ATM Card Swapping to Make Unauthorized Withdrawals

The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the increasing cases of unauthorized withdrawals from bank accounts of customers through Automated Teller Machine (ATM) card swapping or fraud.

The commission has urged Nigerians to be more careful and vigilant when using their debit cards at any service point.

According to a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, on Monday night, the commission has received many complaints from Nigerians who have fallen victim to this scam. The statement explained how the fraudsters operate and how they deceive unsuspecting customers.

The statement said, “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.

“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.”

The statement added that this card swapping scam can happen at any service delivery point, such as Point of Sale (POS) terminals, ATM points, among others.

 The statement warned that the fraudulent practice is gaining momentum across the country and the banking public should be more circumspect in the use of debit cards.

The commission also provided some useful tips for the banking public to avoid further financial losses due to this scam. The tips are as follows:

• 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.
• Regularly check your bank statements for any unknown transaction.
• 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 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 use it whenever it is misplaced or stolen.
• Dial the USSD code 966911# and follow the pop-up instructions to block your ATM card instantly.

The EFCC assured that it will not relent in safeguarding personal, corporate and national finances in its quest to rid the nation of all forms of economic and financial crimes.

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