EFCC Issues Strong Warning Over Rising ATM Swap Fraud

Best News Network  > Nigeria News >  EFCC Issues Strong Warning Over Rising ATM Swap Fraud

The Economic and Financial Crimes Commission (EFCC) has raised an alert, cautioning Nigerians against the increasing threat of fraudsters executing their deceptive schemes through Automated Teller Machine (ATM) card swaps.

In an official statement shared on its social media handle, the anti-graft agency revealed that it has received numerous complaints from concerned citizens regarding unauthorized withdrawals linked to ATM card swapping.

Detailing the modus operandi employed by these fraudulent individuals, the EFCC explained, “The modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card of the same bank.
In the guise of assisting a confused bank customer at any ATM point, the fraudster swiftly swaps the card, memorizing the PIN used with the fake cards. These manipulated cards often get stuck in the machine due to a wrong PIN, allowing the fraudster to abandon the victim and abscond with the authentic card for immediate withdrawals from the account.”

The EFCC emphasized that this deceitful practice occurs in various service delivery points, including Point of Sale (POS) terminals and ATM points.

The Commission urged the banking public to exercise increased caution when using debit cards to thwart these fraudulent activities that are gaining momentum nationwide.

As instances of ATM swap fraud escalate, the EFCC advises individuals to be vigilant and report any suspicious activities to their respective banks promptly.

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