EFCC Alerts ATM Fraud

EFCC Alerts ATM Fraud

What is ATM Swapping Fraud?

The Economic and Financial Crimes Commission (EFCC) wants to warn you about a sneaky new way that fraudsters are stealing money. It’s called ATM swapping fraud, and it’s happening at places like Point of Sale (POS) stands and ATM machines.

How Does it Work?

Here’s how these bad guys do it: they keep a debit card from the same bank and pretend to help someone who is confused at the ATM. While they’re pretending to help, they quickly swap the victim’s card with the fake one. The victim doesn’t even notice because it happens so fast! The fraudster also memorizes the victim’s PIN while trying the fake card.

When the victim tries to use their card, it gets stuck in the machine because of the wrong PIN. The fraudster then tells the victim to report the problem to the bank and runs off with their card. They use the stolen card to take money out of the victim’s account. Sneaky, right?

How Can You Protect Yourself?

Don’t worry, we’ve got some tips to help you stay safe:

1. Keep Your Card Safe

Always keep an eye on your card or keep it in a safe place. After making a payment, make sure the card you get back is actually yours and not a fake one.

2. Check Your Bank Statements

Regularly look at your bank statements to make sure there aren’t any transactions you don’t recognize. If you see something fishy, let your bank know right away.

3. Set Transaction Alerts

Ask your bank to send you alerts whenever there’s activity on your account or with your bank card. That way, you’ll know right away if something strange is happening.

4. Protect Your PIN

When you’re entering your PIN at a POS terminal or ATM machine, cover the keypad with your hand or body. This will make it harder for anyone to see your PIN.

5. Be Cautious and Ask for Help

Don’t rush when you’re making payments or withdrawals. And if you need help, only ask bank officials for assistance. Don’t trust just anyone!

6. Act Fast if Something Goes Wrong

If your card gets stuck in an ATM machine or if you notice anything strange, call your bank right away. They can block your card to stop anyone from using it.

7. Know Your Offline Blocking Code

Make sure you know the code your bank uses to block your ATM card offline. If your card is lost or stolen, you can use this code to protect your money.

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8. Use the USSD Code

If you need to block your ATM card right away, dial the USSD code *966*911# and follow the instructions that pop up. It’s a quick and easy way to keep your money safe.

EFCC is on the Case!

The EFCC wants you to know that they are working hard to protect your money and stop these fraudsters. They won’t give up until our nation is free from all kinds of economic and financial crimes. So stay smart and stay safe!

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