EFCC Alerts Nigerians to Rising Threat of ATM Card Swapping by Fraudsters

In a recent statement, the Economic and Financial Crimes Commission (EFCC) has raised an alarm about the escalating prevalence of fraudsters swapping Automated Teller Machine (ATM) cards, leading to unauthorized withdrawals from innocent victims’ bank accounts.

According to Dele Oyewale, the spokesperson for EFCC, the commission has received numerous complaints from concerned Nigerians reporting unauthorized transactions linked to ATM debit card swapping or fraud. The fraudsters execute their scheme by surreptitiously swapping a victim’s card with a similar one from the same bank while feigning assistance at ATM points.

Oyewale explained, “The modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card of the same bank, and in the guise of helping a confused bank customer at any ATM point, swaps the card in such a hurry that the customer would not notice and at the same time memorizes the pin used in trying the fake cards.”

This deceitful act commonly occurs at various service delivery points, including Point of Sale (POS) terminals and ATM points. The EFCC emphasizes that this fraudulent practice is gaining momentum nationwide, urging the public to exercise greater caution when using debit cards.

To prevent unauthorized withdrawals, Oyewale provided the following tips:

1. Keep cards in sight or in a secure location, ensuring the returned card is indeed yours.
2. Regularly check bank statements for unfamiliar transactions.
3. Set transaction alerts to monitor account activity.
4. Conceal the keypad when entering your PIN at POS terminals/ATM machines.
5. Avoid rushing during payments or withdrawals, seeking assistance only from bank officials.
6. Promptly contact your bank to block ATM cards stuck in machines or in case of irregularities.

Familiarize yourself with your bank’s ATM offline blocking code.

Dial the USSD code 966911# for instant ATM card blocking.

The EFCC spokesperson assured the public of the agency’s commitment to safeguarding personal, corporate, and national finances, pledging continued efforts to eradicate economic and financial crimes.