Beware of ATM swap scammers, EFCC warns Nigerians

Nigerians have been warned to be cautious of ATM switch scammers by the Economic and Financial Crimes Commission (EFCC), which has received a plethora of public complaints about the situation.

In a statement made available to reporters on Tuesday in Ibadan, Mr. Dele Oyewale, the Head of Media and Publicity at the EFCC, provided the guidance.

According to Oyewale, Commission investigations have connected fraudulent activity or the switching of debit cards at automated teller machines (ATMs) with unauthorized withdrawals made from clients’ bank accounts.
He claimed that the fraudsters’ standard operating procedure comprised keeping a debit card from the same bank and switching it out at any ATM under the pretense of assisting a bewildered bank customer.

“They switch the card so quickly that the customer doesn’t notice, and they also commit the pin used to try the phony cards to memory.

The fraudster promptly leaves the victim, telling him or her to report the incident to the bank while stealing the victim’s card and using it to make instant withdrawals from the account when these cards become stuck in the machine since the pin was entered incorrectly.

According to Oyewale, “this card swapping usually occurs in any service delivery point, such as Point of Sale (POS) terminals and ATM points, among others.”

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He warned the banking public to use debit cards more sparingly, claiming that the fraudulent activity was spreading throughout the nation.
Following every transaction, the commission gave helpful advice for the banking public to follow in order to prevent additional financial losses. Some of these suggestions included making sure the card is legitimately yours and keeping it visible or in a secure location.

Setting up transaction alerts to keep an eye on any activity on your accounts or with your bank card, as well as routinely reviewing your bank statements for any unusual transactions, are essential tools for thwarting scammers.

“At POS terminals and ATMs, you can also cover the keypad with your hand or body while entering your PIN. You should also never rush to make payments or withdrawals and limit your assistance requests to bank officials.”

“As soon as your cards become stuck in an ATM or you notice any irregularities, call your banks to have them blocked.

Make sure you are aware of the ATM off-line blocking code for your bank and know how to use it promptly in the event that it is lost or stolen.

The EFCC said, “To block your ATM card instantly, dial the USSD code *966*911# and follow the pop-up instructions.”

In its effort to purge the country of all financial and economic crimes, Oyewale declared that the panel will not back down from protecting individual, corporate, and governmental finances.