According to a release by Dele Oyewale, the EFCC Head, Media, and Publicity on Monday, the modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card from the same bank, and in the guise of helping a confused bank customer at any ATM point, swapping 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, and 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.

In view of the foregoing, the following tips may be useful in avoiding further financial losses by the banking public.

1. Cards should be kept in sight or in a safe place. Whenever you get your card back after making any payment, make sure it is your card and not just one that looks similar.

2. Regularly check your bank statements for any unknown transaction.

3. Set transaction alerts to monitor any activity on your accounts or with your bank card.

4.  Cover the keypad with your hand or body when entering your PIN at the POS terminal/ATM.

5. Do not be in a rush to make payments or withdrawals and request assistance only from officials of the bank.

6. Call your banks to block your ATM cards immediately when your cards are stuck in the ATMs or whenever you observe any irregularity.

7. Ensure you know your bank’s ATM offline blocking code and quickly make use of it whenever it is misplaced or stolen.

8. Dial the USSD code *966*911# and follow the pop-up instructions to block your ATM card instantly.

The EFCC will not relent in safeguarding personal, corporate, and national finances in its quest to rid our nation of all forms of economic and financial crimes.

The post EFCC Issues Nationwide Alert on ATM Card Swap Scams first appeared on MegaIcon Magazine.

The post EFCC Issues Nationwide Alert on ATM Card Swap Scams appeared first on MegaIcon Magazine.

No fewer than twenty armed robbers stormed once peaceful Alaafia Estate in Orogun, Ibadan, Oyo State around 11pm on Sunday night and operated till around 2am on Monday morning dispossessing residents of valuables running into millions of naira.

The robbers who made first appearance at the Estate about two weeks ago when they robbed a Superintendent of Police and three flats were said to have mobilised more gang members in a more deadly robbery where they carted away money, laptops, mobile phones and ATM card after obtaining their Personal Identification Numbers (PIN).

The robbers were said to have gained entry into the Estate through the recently dredged Carnal linking Barika, Agbowo, and Orogun.

Armed with machete, Guns and other dangerous weapons, the dare devil robbers divided themselves into the Estate and robbed concurrently in House number 33, 31, 25 among others.

Our man gathered that no fewer than twenty families were direct victims of the robbers with one Peter in House 33 sustaining machete cuts on his left hand while the wife was said to have been beaten with machete.

They forcefully gained entrance into their victims’ apartments, moving boastfully and daring the residents to come out if they were up to the task.

At house 31, where at least twelve flats were robbed, the robbers forced their victims to use the POS which they brought but when network failed the transfer, they obtained the PIN and went away with their ATMS.

As they moved to House 25, where the robbers were said to have accused some residents to have peeped through the window during their last operation in the Estate, doors and properties were badly destroyed as they threatened to unleash hell on them as they battle to break the security.

A resident said: “as they battle to break into the house, one of them was telling the new ones they recruited to join them this time around that somebody was peeping through the window from the house. They said we would see hell if they break into the house if we don’t willingly open the door”.

However, the Ojoo Police Division were said to have mobilised to the Estate blowing serene and releasing gun shots as they made their way into the Estate.

Hearing the gunshots, another resident told our man that the robbers shouted on themselves “big daddy (police) are here; won ti mbo, e ja ke lo.”

The police were said to have recovered four machetes and a locally made pistol around the scene of the robbery.

Narrating their ordeal, one of the victims who pleaded anonymity said “When they came, they jumped into our house and shot into the air. They started saying awon daa, wey money, they entered around 12:45am and left around 1:45am for other buildings.”

The post 6 injured, money, valuables carted away as armed robbers invade Ibadan Estate with POS machine first appeared on MegaIcon Magazine.

The post 6 injured, money, valuables carted away as armed robbers invade Ibadan Estate with POS machine appeared first on MegaIcon Magazine.

To date, the phenomenon of fraud in Nigeria’s cashless ecosystem is pushing people away from accessing the opportunities in formal banking. Since July 1, 2014, when cashless policy became fully operational in Nigeria, a major downside of its introduction has been pervasive electronic banking fraud (e-fraud). Although the policy is to foster transparency, curb corruption/leakages, and drive financial inclusion, the growing perpetration of fraud nonetheless threatens the cashless ecosystem. This has implications not only for the adoption of e-banking as a secured platform by the banked but is also a major threat to efforts made to capture the unbanked populace.

The fear of being defrauded has scared many a bank customer off electronic transactions. For instance, Ade, a political science professor has threatened to close his account with his bank should the latter attempt to force him to use its online platforms.

“They have described me as ‘old school’ and unyielding to change but I don’t mind the label. I simply told them, ‘If you are not ready to keep my money again, just hand it back to me safely.’ Sometimes there is a spiritual dimension to the online fraud. This people have committed their fraud by simply dialing the number of some account holders and hypnotizing them to supply their account details and by so doing made away with their money! I can’t allow that to happen to me at this age. I would rather be old school and be safe” he said.

The incessant reports of cyberfraud committed against unsuspecting bank customers have also prevented the latter from embracing the use of the Automated Teller Machine (ATM) card. Instead, they enter the banking hall to make cheque withdrawals at the counter. The stress, some have argued, is worth it; they do not want to experience a situation whereby their bankers would blame them for compromising their Personal Identification Number (PIN) – a common excuse by banks when customers complain about unauthorised and fraudulent debit on their accounts via the ATM.

Despite the cashless policy vigorously advocated by the country’s banks and the financial sector, in general, Akin, a first generation bank customer, is not ready to comply anytime soon. He said, “I don’t want to die of heart attack by just receiving debit alert on my phone when I have not made any transaction. I don’t want to be blamed for compromising my account by the bank. If anything happens to my account I can hold the bank responsible. This fraud thing happened to four of my friends and their experiences were unpalatable. I should learn from their experiences and not make myself a victim of the same scam.”

While these secondary victims are staying away from online transactions, victims of online banking fraud are pulling out of their internet-banking subscription. Mosun, a university student, recalled her experience, when her money disappeared from her account without transacting on her ATM card. According to her, when she lodged a complaint to her bank, she was accused of compromising her secret code, and the issue was never resolved. This forced her to close down her account with the bank.

She said, “Why will I use the bank again? I closed my account with them and I stopped using the bank. I moved to another bank because I don’t want to suffer another fraud. It was more of a trust issue. I believed they could have traced the source of the fraud in-house considering the fact that it happened to other people too. They claimed somebody used my ATM and when there was no transaction on my account, they said they would do something to it. I was able to label the bank and stopped some people from banking with them in my school.”

It is more worrisome when banking staff are involved. The 2019 data from Nigerian Deposit Insurance Corporation showed that temporary staff accounted for the highest frequency of insider frauds. Although, the number of temporary staff involved dropped from 394 (48.8%) in 2018 to 343 (41%) in 2019, their involvement indicate the need to pay attention to why more frauds get committed by this category.

Following temporary staffs are officers and executive officers, whose percentage involvement in frauds dropped from 22.91% in 2018 to 12.22% in 2019. These are supervisors and managers who are supposed to provide leadership and enforce control mechanisms. Together, they accounted for 13.24% of the fraud committed by staff in 2018. While majority of the staff categories involvement dropped from the previous year of 2018, clerks and cashiers increased from 65 (7.23%) in 2018 to 144 (17.25%) in 2019 signifying need to tighten fraud control on bank staffs. While COVID-19 has forced many to use digital banking options, fraud attempt and actual losses have also increased between third-quarter of 2019 and September 2020. Within this period, 91% of fraud attempts were successful with a total loss of five billion naira according to Nigerian Inter-Bank Settlement Systems (NIBSS). This data shows is that the likelihood of increase in fraudulent attacks is possible as more people enter into Nigerian financial ecosystem. This fraud trend is dangerous if the dream to attract more Nigerians through the financial inclusion policy is to become a reality.

When people feel unsafe about technologically mediated transactions, they are more likely to adopt avoidance behaviour. This is because trust underlies customer–bank relations when the former save their monies in banks. Building public confidence may be the way out of the woods when sound fraud governance is put in place.

To control insider fraud, banking industry may need to review its policy on casualisation and reduce fraud opportunities. This is because majority of insider fraud are committed by temporary staff who have increased their propensity to fraud because of the fraud opportunities. Banks must aggressively engage in anti-fraud campaigns involving financial literacy and safety education for their customers. Already some banks send fraud alert messages to their customers and on their websites but this approach exclude the illiterates. Deposit Money banks need to characterise their customers and design anti-fraud literacy education to meet their peculiar needs. Internal governance systems must be strengthened and efficient to ensure risk management.
Conscious investment must be made in cybersecurity are erected to check system vulnerabilities and douse uncertainties in the minds of bank customers.

Dr Tade, is solution journalism advocate

The post Mitigating Banking Fraud through Financial Safety Education first appeared on MegaIcon Magazine.

The post Mitigating Banking Fraud through Financial Safety Education appeared first on MegaIcon Magazine.

No fewer than three suspected operators of the shrine were arrested with a POS machine used to extort anyone found guilty.

Also, recovered in the shrine were different banks Automated Teller Machine, ATM, cards and telephones suspected to have been seized from victims.

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It was also learnt that people visited the shrine to lodge complaints, after which the accused is either invited or forcefully dragged there. Residents further hinted that people were publicly tortured before being dragged inside the shrine to swear.

Mr Imohimi Edgal, the state Commissioner of Police, who led a team of policemen to the shrine on Tuesday ordered its immediate demolition.

Edgal disclosed that the Lagos State Neighbourhood Security and Safety Corps, LSNSC, informed the Command of some suspicious movement of persons in and out of the shrine, consequent upon which he directed the Divisional Police Officer in charge of Ikeja to ascertain what was going on there.

The police chief,  Edgal while addressing journalists at the scene, said: “A team of undercover policemen, led by the DPO, mounted surveillance around the area.

“Yesterday, officials of the Neighbourhood Security Safely Corps saw a man, who was being dragged into the shrine.

“They were attracted to the place by the shout of help from the victim and alerted the DPO, who moved his men to the scene where three persons were arrested and the victim rescued.

“In as much as we believe in community policing and community partnership, I must sound a note of warning to any group of persons who may want to take laws into their hands, that the command will deal decisively with members of such groups”, he warned.

The post Torture shrine uncovered in Lagos first appeared on MegaIcon Magazine.

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