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EFCC Raises Alarm Over ATM Swap Fraud

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The Economic and Financial Crimes Commission (EFCC) has warned Nigerians not to fall for the antics of fraudsters who carry out their fraudulent scheme by swapping the ATM cards of unsuspecting citizens.

Issuing this warning in statement posted on its official X handle, the anti-graft agency detailed that it had received series of  complaints from well-meaning Nigerians concerning unauthorized withdrawals from their bank accounts, which investigations by the Commission have linked to Automated Teller Machine, ATM, Debit Card swapping or fraud.

Narrating how the fraudulent individuals carry out their scheme, the anti-graft agency said that 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 memorises the pin used in trying the fake cards. 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.”