The EFCC issues a public warning regarding fraudulent activities involving ATM swapping at POS stands and other locations.


The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding a new form of financial fraud involving ATM card swapping.

According to a statement by Dele Oyewale, the commission’s spokesperson, fraudsters employ a method where they retain a debit card from the same bank. Under the pretext of assisting a confused bank customer at an ATM, they swiftly swap the card, ensuring the customer does not notice while memorizing the PIN used with the fake cards.

Oyewale explained, “These 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’s card to make immediate withdrawals from the account. This card swapping typically happens in any service delivery point, such as Point of Sale (POS) terminals, ATM points, among others. The fraudulent practice is gaining momentum across the country, and the banking public is enjoined to be more circumspect in the use of debit cards.”

To help prevent such financial fraud, the EFCC provided the following tips:

  1. Keep cards in sight or in a secure place. Verify that the returned card after any payment is indeed yours.
  2. Regularly check bank statements for any unfamiliar transactions.
  3. Set up transaction alerts to monitor activities on accounts or with bank cards.
  4. Cover the keypad when entering the PIN at POS terminals/ATM machines.
  5. Avoid rushing during payments or withdrawals and seek assistance only from bank officials.
  6. Promptly contact the bank to block ATM cards if stuck in ATM machines or upon observing irregularities.
  7. Know your bank’s ATM offline blocking code and use it immediately if the card is lost or stolen.
  8. Dial the USSD code 966911# and follow the instructions to instantly block the ATM card.

Oyewale emphasized that the EFCC remains committed to safeguarding personal, corporate, and national finances in its efforts to eliminate all forms of economic and financial crimes.

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