Despite warnings and social media campaigns by banks on the need for customers to protect their debit and credit cards, so many Nigerians still fall victim to card frauds which leaves them with nothing but debit alerts and a near-clean sweep or clean sweep on their accounts in some cases.
In this post, we will share some important tips on how to protect your debit card from fraudsters in Nigeria. We will also share some tips on what to do if you suspect you are a victim of card fraud.
1. Avoid using your cards(s) when dealing with PoS agents
The presence of mobile money shops or PoS agents on almost every Nigerian street has greatly contributed to the rise of debit card fraud, particularly in the past five years. Although this is not to say that mobile money shops in Nigeria are set up with the intent to steal from those who patronize them. However, there have been numerous reports about how mobile money shop agents/salespersons connive with street boys supposedly “Yahoo! boys” in sweeping clean, the bank accounts of customers who used their services, particularly those who made withdrawals. There have been reports that shop agents who sit behind desks are prone to engage in this illicit deal with fraudsters in exchange for some percentage.
In order for them to complete their fraud, all they need are your card details which consist of your 16 digit card number, your card validity details and Security (Card Verification Value) number. To get this in seconds, PoS agents have been reported to capture customers card details with their camera phones in less than 5 seconds while trying to help them initiate their original transaction then perpetrate their evil act immediately after the customers have left or most times, in the dead of the night when their victims are fast asleep and unaware of what was happening or about to. The latter is often executed by cybercriminals with sound knowledge of websites that do not require OTP to make purchases after which proceeds from the transaction will be shared based on the agreed percentage.
A report by Vanguard in November 2020 revealed how a woman got a debit alert shortly after patronizing a POS agent. An excerpt from the article reads:
Her words, “I was travelling to Ebonyi State and decided to do PoS withdrawal from an agent in Marina, Lagos. I used my Automated Teller Read More
Source:: Nigerian Chatter(Visited 1 times, 1 visits today)