EFCC Reveals Tactics Used By Fraudsters To Swap ATM Cards To Commit Fraud

The Economic and Financial Crimes Commission, on Monday, revealed tactics used by fraudsters in swapping Automated Teller Machine (ATM) card to defraud victims.

According to a press statement by the Head, Media and Publicity, ACE Dele Oyewale, the Commission has been inundated with barrage of complaints from well-meaning Nigerians concerning unauthorized withdrawals from their bank accounts.

Oyewale said investigations carried out revealed that such unauthorised withdrawals are linked to ATM, Debit Card swapping or fraud.

He 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 stocked 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.”

Oyewale further noted that 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.

He however highlighted some tips which may be useful to the public in order to avoid falling victim.

He said ATM Cards should be kept in sight or a safe place, adding that: “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 for 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 off line blocking code and quickly make use of it whenever it is misplaced or stolen. Dial the USSD code 966911# and follow the pop-up instructions to block your ATM card instantly,” he said.

Oyewale said 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.