InfoStride News has issued a cautionary alert, drawing attention to the alarming rate of unauthorized withdrawals via Automated Teller Machines (ATMs) from the bank accounts of customers, as disclosed by the Economic and Financial Crimes Commission (EFCC).
The EFCC’s Head of Media and Publicity, Dele Oyewale, highlighted that such illicit withdrawals are associated with ATM and Debit Card swapping or fraud. In this scheme, fraudsters, armed with a debit card from the same bank, deceptively swap cards while assisting unsuspecting customers at ATMs, memorizing their PINs for use with fake cards.
According to Oyewale’s statement, the fraudulent practice occurs at various service delivery points, including Point of Sale (POS) terminals and ATM points. The fraudster swiftly swaps the card, leaving the victim unaware, and abandons them after the fake card gets stuck due to an incorrect PIN. The unsuspecting victim is then advised to report to the bank, while the fraudster absconds with the victim’s card to make immediate unauthorized withdrawals.

To prevent further financial losses, the EFCC has provided practical tips for the banking public:
1. Keep cards in sight or in a secure location, verifying their authenticity after each transaction.
2. Regularly review bank statements for any unfamiliar transactions.
3. Enable transaction alerts to monitor account activity and card usage.
4. Shield the keypad when entering PINs at POS terminals or ATMs.
5. Exercise caution and seek assistance only from official bank personnel.
6. Promptly contact the bank to block ATM cards when stuck in machines or if irregularities are observed.
7. Familiarize yourself with the bank’s ATM offline blocking code and use it promptly if the card is lost or stolen.
8. Utilize the USSD code *966*911# for instant ATM card blocking.
Oyewale assured the public that the EFCC remains committed to protecting personal, corporate, and national finances, actively working to eliminate all forms of economic and financial crimes. The vigilance and adherence to these precautions by the banking public are crucial in thwarting the momentum of this fraudulent practice across the country.
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