The Economic and Financial Crimes Commission (EFCC) has sounded the alarm on a concerning surge in unauthorized withdrawals through Automated Teller Machines (ATMs) across Nigeria.
The commission disclosed that these fraudulent transactions are closely tied to the illicit practices of ATM and Debit Card swapping.
According to Dele Oyewale, the Head of Media and Publicity at EFCC, the modus operandi involves fraudsters holding a debit card from the same bank. Under the guise of assisting confused bank customers at ATMs, they swiftly swap the card while discreetly memorizing the PIN used, subsequently using fake cards for unauthorized transactions.
Oyewale’s statement highlights the gravity of the situation, “This card swapping typically happens in any service delivery point, such as Point of Sale (POS) terminals, ATM points, among others. 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.”
The EFCC urged Nigerians to exercise heightened vigilance, especially when conducting transactions at service points like ATMs and Point of Sale terminals, to curb the rising wave of ATM and Debit Card fraud
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