EFCC Issues Warning About ATM Swap Fraud

The Economic and Financial Crimes Commission (EFCC) has received numerous complaints from concerned Nigerians reporting unauthorized withdrawals from their bank accounts. The Commission’s investigations have revealed a connection to Automated Teller Machine (ATM) Debit Card swapping fraud.

The fraudulent technique involves fraudsters holding a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM, swiftly swapping the cards while memorizing the victim’s PIN used during the transaction. The fake cards are deliberately jammed in the machine due to an incorrect PIN, and the fraudster abandons the victim, leaving them to discover the issue later while making immediate withdrawals from the compromised account.

Card swapping incidents can occur at various service delivery points, including Point of Sale (POS) terminals, ATM points, and more. The EFCC advises the public to exercise caution when using debit cards to avoid falling victim to this scheme.

To prevent further financial losses, the EFCC recommends the following tips:

1. Cards should be kept in sight or a safe place. Whenever you get your card back after making any payment, make sure it is actually your card and not just one that looks similar.

2. Regularly check your bank statements for any unknown transaction.

3. Set transaction alerts to monitor any activity on your accounts or with your bank card.

4. Cover the keypad with your hand or body when entering your PIN at POS terminal/ATMs.

5. Do not be in a rush to make payments or withdrawals and request for assistance only from officials of the bank.

6. Call your banks to block your ATM cards immediately when your cards are stuck in the ATM machines or whenever you observe any irregularity.

7. Ensure you know your bank’s ATM offline blocking code and quickly make use of it whenever it is misplaced or stolen.

8. Dial the USSD code *966*911# and follow the pop-up instructions to block your ATM card instantly.

The EFCC emphasizes its commitment to safeguarding personal, corporate, and national finances, striving to eliminate all forms of economic and financial crimes in Nigeria.

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