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The Economic and Financial Crimes Commission (EFCC) has issued a cautionary alert to Nigerians concerning the rise in ATM switch scams, citing a surge in reported cases of this particular crime.

Mr. Dele Oyewale, the Head of Media and Publicity for the EFCC, highlighted this concern in a statement released on Tuesday.

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Oyewale emphasized that the Commission’s investigations have identified unauthorized withdrawals from individuals’ bank accounts linked to ATM Debit Card switching or fraudulent activities.

The modus operandi of these perpetrators involves manipulating a debit card from the same bank, surreptitiously substituting it while appearing to assist a confused bank customer at an ATM.

“They swiftly exchange the cards in a manner that escapes the customer’s notice, all the while memorizing the PIN used with the fake cards,” stated Oyewale.

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He further explained, “These swapped cards often get stuck in the machine due to incorrect PIN entries, and the fraudster promptly leaves the victim, advising them to report the issue to the bank. Meanwhile, they abscond with the victim’s card to carry out immediate withdrawals from the account.”

Oyewale highlighted that this card swapping scheme typically occurs at various service delivery points, including Point of Sale (POS) terminals and ATM locations.

Remember, it’s crucial to remain vigilant while using ATMs or other financial service points to avoid falling victim to such scams.