EFCC Raises Red Flag On ATM Debit Card Switching, Urges Public Vigilance Details

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The Economic and Financial Crimes Commission (EFCC) has issued a cautionary alert to Nigerians, urging vigilance against ATM switch scammers…CONTINUE READING

The commission disclosed that it has received a surge of complaints regarding this fraudulent activity.

Mr. Dele Oyewale, the Head of Media and Publicity at the EFCC, conveyed this warning in a statement on Tuesday.

According to Oyewale, the EFCC’s investigations have revealed a connection between unauthorized withdrawals from clients’ bank accounts and ATM Debit Card switching or fraud.

He explained that the perpetrators adopt a method involving the swift substitution of a debit card from the same bank, ostensibly assisting a confused bank customer at an ATM.

The scam is executed so rapidly that the customer may not notice, allowing the fraudster to both switch the card and memorize the PIN used with the fake card.

Oyewale elaborated, “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, and ATM points, among others.