EFCC issues warning against ATM swap scams targeting Nigerians

The Economic and Financial Crimes Commission (EFCC) has issued a cautionary alert to Nigerians, urging them to stay vigilant against ATM swap fraudsters. The commission revealed an increasing number of complaints related to this fraudulent activity.

Mr. Dele Oyewale, the Head of Media and Publicity at EFCC, shared the warning in a statement on Tuesday. Oyewale disclosed that the commission’s investigations have uncovered unauthorized withdrawals from individuals’ bank accounts linked to ATM Debit Card switching or fraud.

The modus operandi of these scammers involves utilizing a debit card from the same bank and swiftly swapping it under the guise of assisting an unsuspecting bank customer at an ATM. The fast-paced card swap is designed to go unnoticed by the customer, who may also unwittingly reveal their PIN during the transaction.

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 fraudulent activity is known to occur at various service delivery points, including Point of Sale (POS) terminals and ATM locations. Nigerians are urged to exercise caution and report any suspicious incidents to relevant authorities.