Tips to avoid being a victim of ATM card swap fraud 

 Tips to avoid being a victim of ATM card swap fraud 

ATM stands for Automated Teller Machine, which is an electronic banking outlet that enables customers to perform various financial transactions without the need for a bank teller. It allows users to withdraw cash, check account balances, transfer funds, and deposit money, among other functions. ATMs are typically available 24/7 and are widely used by individuals for their convenience and accessibility.

ATM swapping fraud is a type of scam in which criminals tamper with an ATM machine to steal sensitive information and funds from unsuspecting users. They do this by replacing or modifying the machine’s hardware or software to capture card data, PIN numbers, and other personal information. This fraudulent practice can lead to unauthorized access to individuals’ bank accounts and potential financial loss.

The fraudsters may use various techniques such as skimming, which involves attaching a fake card reader on top of the legitimate one to capture card information, or installing a hidden camera to record the PIN number. They may also employ device swapping, where the criminal substitutes the original ATM with a tampered one that appears almost identical, making it difficult for users to notice the difference.

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Tips for avoiding ATM swap fraud 

1. Cards should be kept in sight or a safe place. Whenever you get your card back after making any payment, make sure it is actually 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 POS terminal/ATM machines.

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

6. Call your banks to block your ATM cards immediately when your cards are stuck in the ATM machines 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.

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In addition, protecting against ATM swapping fraud, it is crucial to be alert and vigilant. Users should inspect ATMs for any signs of tampering, cover the keypad when entering their PIN, and regularly monitor their bank accounts for any unauthorized transactions. Also, it is important to contact the bank immediately if any suspicions arise or if an ATM transaction does not seem secure.

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