S43; Card Fraud
Last updated
Last updated
Let's take a moment to picture this, you are in desperate need of cash, You visit the nearest ATM or POS stand, you withdraw only 2k from the salary you just received, Two days later, you start getting series of debit alert, especially if its weekend where you can't run to the bank, you will have to wait until Monday. congratulations, you are successfully a victim of card fraud.
the Introduction of POS simplifies the flow of money to and around us. rural areas are now financially included because of POS agents. but then, imagine you own a POS point, or your brother or sister those. then someone come to make a withdrawal by card, you got the alert, only to be reversed later.
How malicious people steal your card details
The first action to take when you are a victim
how to avoid being a victim of atm scam
Think Bitcoin.
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When Societe Generale (SGBN) whose progressive buy out is now Heritage bank introduced ATM in 1989. 22 years after ATM technology came to existence. it gives customers easy access to carry money around, what didn’t come to picture is that it will also give malicious guys innovative ways to take your money from you.
Let's shed light on the rising concerns surrounding card security around us. let's dig deep into the various tactics used by fraudsters, the vulnerabilities in the system, and most importantly, how you can protect yourself from falling victim to these scams.
one of the objective of a fraudster is to duplicate your card and empty your account, for them to do that, they need the details of your card and the pin. once they have that, the rest becomes history.
when scammers are able to duplicate your card, it gets so much complicated to be able to detect as there are several authorised manufacturers swiping devices and you can't easily spot the fake from original
Scammers have devised a cunning method to completely steal your card, a tactic particularly prevalent at ATMs. They employ a deceptive technique by covering the ATM with a facade. When you insert your card and enter your PIN, the ATM displays an error message. Unbeknownst to you, a hidden camera captures your PIN as you input it. and it looks like the machine have swallowed your card. Once you leave the ATM stand, the scammers swiftly remove your card, armed with both your card and PIN information. It's a deceitful scheme that highlights the need for heightened vigilance at ATMs. scammers can steal your card completely, and this particular one happens at the ATM more often, so what they do is to cover the ATM with a facade, so when you insert your card to the ATM, you will insert your pin, and it will display error message, often times, they have an hidden camera to watch your pin as you insert it. when you leave the ATM stand, they will remove your card and they already know your pin
Skimming: skimming is another hilarious way that identity thieves steal your card details. they found a way to electronically steal your card information without destroying it. then they will make a counterfeit card and defraud you. they target filling station POS, marketplace POS and ATMs, open freelance POS stands in busy areas like car packs, viewing centres, plazas and complexes. in some other instances, they even erect a whole ATM in this public places.
against all odds, set a daily limit on your bank application. no matter the amount in your bank, your daily expenditure is not more than 50k, then set your daily limit to 50k, if you need to do more than that, you will increase it. by default, the limit on your account is 500k daily. if you have your card details expose or leaked, scammer wont be able to do more than your set limit per day.
other measures include
check the source of the POS, if you dont know the source, dont use it.
look closely at the atm to see if there is any hidden camera
double check any ATM or POS to know if they have been tampered with.
when punching your passcode, if the keys are skipping, dont use it.
Check the card slot, if it is bigger, or its shaking, don't use it.
Always cover your fingers when typing your passcode or pin
Don't allow anyone to assist you to insert your card to any POS or ATM
Make sure their are no electronic device around the ATM or POS
Always stay upto date on how to protect yourself about POS or ATM fraud.
If you find yourself to be a victim of CARD FRAUD, report to your bank immediately.
Take quick steps to get your card blocked by using Bank USSD, the App or visit the closest branch of your Bank.
Bitcoin ATMs are terminals or kiosks where individuals can anonymously buy or sell Bitcoins electronically. Even though they are connected to the internet, experts agree that today's Bitcoin ATMs are safe since they use high-level encryption. Moreover, Bitcoin itself uses a public-private key pair, and nobody can steal or move your bitcoins without your personal private key. The machines are also built with safeguards against physical or hardware malfunction as well as software protections against malware
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