EFCC Investigates Rising Cases of ATM Debit Card Swapping Fraud

The Economic and Financial Crimes Commission (EFCC) has been inundated with an increasing number of complaints from concerned Nigerians reporting unauthorized withdrawals from their bank accounts. Investigations by the Commission have unveiled a disturbing trend – Automated Teller Machine (ATM) Debit Card swapping or fraud. This sophisticated modus operandi involves fraudsters discreetly swapping a victim’s debit card with a similar one from the same bank at various service delivery points, including ATMs and Point of Sale (POS) terminals.

The fraudsters act swiftly, taking advantage of unsuspecting bank customers by memorizing their PINs during the card-swapping process. The victim, often left unaware, discovers the scam only when their card gets stuck due to a deliberately wrong PIN, while the fraudster absconds, leaving the victim to deal with the aftermath. This alarming practice has gained momentum across the country, prompting a call for increased vigilance among the banking public.

The Pervasiveness of Card Swapping at Service Delivery Points

Card swapping occurs predominantly at service delivery points, including POS terminals and ATM points. The perpetrators exploit moments of confusion or vulnerability, posing as helpful individuals to carry out the illicit swap. The resulting financial losses for victims can be substantial, necessitating urgent action to curb this menace. The EFCC urges the banking public to exercise caution and adopt preventive measures to mitigate the risk of falling victim to ATM Debit Card swapping.

In response to this growing threat, the EFCC emphasizes the need for awareness and shares essential tips to help individuals safeguard their finances.

Tips to Safeguard Against ATM Debit Card Swapping Fraud

1. Keep Cards in Sight: It is crucial to keep your debit cards in sight or a secure location. After any transaction, verify that the returned card is indeed yours.
2. Regularly Monitor Bank Statements: Periodically review your bank statements to identify and report any unfamiliar transactions promptly.
3. Set Transaction Alerts: Enable transaction alerts on your accounts to receive immediate notifications of any activities related to your bank card.
4. Protect PIN Entry: When entering your PIN at POS terminals or ATMs, cover the keypad with your hand or body to prevent unauthorized viewing.
5. Avoid Rushed Transactions: Take your time during payments or withdrawals, and seek assistance only from bank officials.
6. Promptly Block Stuck Cards: If your card gets stuck in an ATM or you notice any irregularity, call your bank to block the card immediately.
7. Know Your Bank’s Offline Blocking Code: Familiarize yourself with your bank’s ATM offline blocking code for swift action in case of misplaced or stolen cards.
8. Use USSD Code for Instant Blocking: Dial the USSD code 966911# and follow the instructions to block your ATM card instantly.

EFCC’s Commitment to Safeguarding Finances

The EFCC, through its Head of Media & Publicity, Dele Oyewale, reassures the public of its unwavering commitment to protecting personal, corporate, and national finances. The Commission is dedicated to eradicating all forms of economic and financial crimes, including the prevalent ATM Debit Card swapping fraud. Nigerians are encouraged to stay vigilant and adopt these precautionary measures to fortify their financial security.

Collaborative Efforts to Combat Financial Crimes

As cases of ATM Debit Card swapping continue to rise, the EFCC emphasizes the importance of collaborative efforts between financial institutions, law enforcement, and the public. By staying informed and proactive, individuals can contribute to the collective fight against financial crimes. The EFCC remains steadfast in its mission to create a secure financial environment for all Nigerians.

Reporting Incidents and Seeking Assistance

The EFCC urges individuals who fall victim to ATM Debit Card swapping or observe suspicious activities to report incidents promptly. By reporting promptly, victims enhance the chances of apprehending the fraudsters and preventing further financial losses. The Commission also encourages Nigerians to seek assistance from their respective banks and law enforcement agencies when faced with potential threats to their financial well-being. Together, we can build a more resilient and secure financial landscape for the nation.