In a recent statement issued on Tuesday, the Economic and Financial Crimes Commission (EFCC) has sounded an alarm over the surge in ATM switch scams, cautioning Nigerians to exercise heightened awareness to protect themselves from falling victim to this nefarious activity.<\/p>\n
Mr. Dele Oyewale, the Head of Media and Publicity for the EFCC, conveyed the urgent recommendation in response to a rising tide of complaints related to this type of financial crime. The EFCC’s investigations have unveiled a concerning trend where unauthorized withdrawals are traced back to ATM Debit Card switching or fraud.<\/p>\n
The perpetrators employ a cunning method, as outlined by Oyewale. They seize the opportunity when a bank customer appears confused or in need of assistance at an ATM. In a hurried and inconspicuous manner, the fraudsters swap the customer’s debit card with another from the same bank. Simultaneously, they memorize the PIN used during the transaction.<\/p>\n
“The 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\u2019s card to make immediate withdrawals from the account,” explained Oyewale.<\/p>\n
This deceptive card-swapping tactic is not limited to ATMs alone; it can occur at various service delivery points, including Point of Sale (POS) terminals. The EFCC’s warning serves as a crucial reminder for individuals to remain vigilant during their financial transactions and to report any suspicious activity promptly.<\/p>\n
As technology continues to advance, so do the methods employed by criminals. The EFCC encourages the public to adopt additional safeguards, such as regularly checking bank statements, reporting lost or stolen cards promptly, and being cautious of any unsolicited assistance at ATMs. By raising awareness about the risks associated with ATM switch fraud, the EFCC aims to empower Nigerians in safeguarding their financial well-being.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a recent statement issued on Tuesday, the Economic and Financial Crimes Commission (EFCC) has sounded an alarm over the surge in ATM switch scams, cautioning Nigerians to exercise heightened awareness to protect themselves from falling victim to this nefarious activity. Mr. Dele Oyewale, the Head of Media and Publicity for the EFCC, conveyed the […]<\/p>\n","protected":false},"author":12,"featured_media":8242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[181,182,172,180],"tags":[59],"class_list":["post-8241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime","category-defence-and-security","category-news","category-technology","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/8241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=8241"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/8241\/revisions"}],"predecessor-version":[{"id":8394,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/8241\/revisions\/8394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/8242"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=8241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=8241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=8241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}