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Tuesday, December 10
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Debit Card Frauds By Yahoo Boys In Nigeria

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The Cashless Nigeria Policy has been launched by the Central Bank of Nigeria for three years. The aim of this report was to encourage the use of all monetary transactions of electronic systems. This policy has brought benefit: for more people, it simplifies and makes many transactions safer. However, in the banking and payment systems, there has been an increase in fraud. These crimes are committed through the ICTs that have thrived in Nigeria since the beginning of the 2000s. 14 kinds of electronic fraud (e-fraud) were identified in the 2013 report of the Nigerian Deposit Insurance Corporation. The fraud was in the prime position with the automatic teller machine. The total value of funds lost for electronic fraud amounts to less than 10% and 46.3% of the number of cases reported. The report of 2015 indicates that the incidence of ATM fraud in Nigeria is increasing. Despite the apparent significance of e-fraud, the understanding of how the functioning of the financial system is affected and its impact on victims has received little special attention. Therefore, my colleagues and I have conducted a study to study the experiences of ATM victims of fraud in South-West Nigeria.

We previously talked about credit card scam, not it’s time for debit card.

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Study results:

We have found that many factors are susceptible to fraud. Alphabets, health issues, and vulnerability issues are among those. An old analphabet man who was interviewed told me: nobody told me how to use it, I was given an ATM card. I gave it to a young man at the ATM outside the bank to help me collect money. He did and gave me my card back. Some days later I noticed that I had left my account money, which I reported to my bank immediately. I was told at the bank my card was swapped by the young man.

Our study has also shown that close relatives sometimes use people’s trust to disappoint them. A middle-aged man gave his son his ATM card in the run-up to school to draw N5000 (USD $31.25). He found his son drawing N10,000 (USD $62.50) instead. “When I tried to help him, who could trust him if my son could do so to me? “He complained. They can be vulnerable to ATM fraud if people are ill. They rely on other people because they are unable to get around. A “trustworthy” person can benefit.

They may be vulnerable to ATM fraud if people are ill. Because they can’t get around, they depend on other people. A’ trustworthy’ person can profit. This is illustrated by the story of a young man interviewed during our study. He got ill and gave a friend his ATM card to help purchase medicine. He later found himself “shocked” by the fact that his friend is drawn from his account another N 70,000 (US$ 237.50).

The Factor of Control:

Of course, all ATM frauds should not be blamed for friends and relatives. Some are caused by coercion, especially physical attacks and armed robbery in ATMs. A young woman told us that on a Sunday night I wanted to withdraw. The ATM worked not on my street, so I had to look a few blocks away for another ATM. Sadly, an armed gang robbed me. They made me insert the PIN and the balance in my ATM card. My ATM card and PIN have been taken away. Until Monday, when my account was drained by N200,000 (USD $1,250) I couldn’t do anything. So I was unable to warn the bank and block withdrawals, I took my phone.

Online fraud is successful because offenders choose easy casualties.

Tide Stopping:

The reduction of ATM fraud depends on the vulnerability of individuals. For example, campaigns against fraud should use indigenous languages and take into account that some bank customers cannot read. Banks should show their customers how cards work and how to receive assistance in difficulty. Customers should not be allowed to deal with the safety officers who are not bank staff. ATM users should sometimes be instructed to modify their passwords. They also have to be careful when and where to collect money to reduce the risk of attacks.

How to protect yourself of becoming a victim of this fraud:

CREDIT CARD FRAUD is an unfortunate factor for all of us when using our debit card. Either online, over the phone or in a well-known department store, it can happen. Card security is important for credit cards or debit cards. Security of Card is important. If you are using your card, please apply the following rules. Don’t write it down, save your PIN number. Don’t give anybody your PIN. You do not use personal information, such as initials, date of birth, or telephone number, when you select your own PIN number. You must sign the card once you receive it.

Do not provide information on your card account over the phone and over the Internet unless you know that the source is trustworthy. Before signing the receipt, always check the sale amount. Make sure that the merchant gets your card. Know always where your cards are and never leave them in an area that someone else can easily reach. The issuing bank immediately reports lost or stolen cards. Report to the issuing bank any suspect card activity immediately. Receipts should be maintained and card statements should be compared. Never answer a personal or account information request by email.

SKIMMING is a criminal act that allows criminal persons to obtain information about your credit card to produce falsified cards. Two kinds of skimming are available. The first thing is if you take a bump of your card when you give it to the cardholder for payment of a kind. The criminal takes your card’s second swipe into a small handheld device that is known as a skimmer. This device extracts and stores your card information and enables the criminal to create a fake card. Once done, you can download the information to a computer and send emails worldwide.

In order to rob your account money, the second type of skimming collects ATM / Debit card numbers and sticks. One way to do this is to surf the shoulder. Someone is watching and stealing your details while you are using an ATM. Criminals can also skim information through the installation on ATM machines of skimmers and smaller cameras. The skimmer reads the magnetic stripe at the back of the card and records the pin number that will be entered in the transaction with the camera. Only then can the crime get stolen information that can be used to withdraw money or buy counterfeit ATM / Debit cards.

 

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Disclaimer: Contents of the blog are for information purposes and awareness AGAINST scam and illegal acts. You are solely responsible for your actions regardless of what you read on this blog.
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I share various yahoo formats, tricks, news and updates in the game. Feel free to follow the blog if you are enthusiastic about learning the dirty secrets behind how young people use illegal means to break free from poverty, live lavish and fuck up their haters.

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