The secret to warding off ATM fraud from genuine fraudsters is to type incorrect pin before and after transaction. But with the increasing number of bank insider crooks, that's meaningless.

It surprises me when people think that they can sue thebank for ATM fraud and win.

Before an ATM card was primed for you, the bank would have made you to sign a form requesting for the card, and behind the form there are numeruos terms and conditions which you have to agree to before signing. Those terms and conditions contains some legal crap you nad i cannot understand. but be rest assured that by appending your signature, you have exonorated the banks should a fraud pass through your account via ATM.

Secondly, how are we sure that you havent compromised your PIN, or maybe you used your card on a site that isnt properly secured.

Moreso, these fraudsters have gone haywire, they now have a device called a card reader that they insert into an ATM machine. these card readers can access both your card numbers and your pin while u are using it, when you are done, they just help you wipe out what is left in your account. That is why it is advisable that before you use any ATM machine, just scan it to be sure that it is free from any foreign body. its also wise to use ATMs located inside banking premises, as these ones located outside banking premises are prone to fraudsters.

more secured is to have a card- Cash card and load with with whatever amount you deem fit, and only use this cash card to shop online, on POS machines, and ATMs. your life savings should not be connected to the ATM at all. when you have run out of funds in the cash card, you can use Internet Banking to reload.

Simple and short

Fell victim of ATM fraud last week. Dont know if it is possible to recover my funds. The bank has failed me cos i av lodged a formal complaint yet no call from dem yet. Am told to giv dem 5 workin days for investigation if d fault is mine or theirs.

Dont knw wat dey wil com out wit yet. Even dough wen i lodged d complaint at d branch from which d money was withdrawn, d officer in charge mentioned dat d particular ATM does not hav a functional camera.

Anyone out there who has gotten his money bak after unauthorised withdrawals from his account?

guys use ur head. it is better to keep your money in fixed deposit account. that way it will be safe.

kpofkpof Thank you . I work with a guy and 99.9% of the time the customer has actually compromised the pin but they will often turn around and deny it. Some nigerians would also not change the pin and i have actually seen some customers wrap the atm card and pin together habaa

These are really scary stories. When will these yahoo-yahoo business stop?

what Banks do we have in Nigeria.

simple business rule:

You should not be able to do a single transaction of more than 40,000Naira per day from any ATM.

This alone will reduce half of the ATM 'huge' frauds.

They should put small camera within the ATM machines, where fraud happens this can be checked after.

What else remains to fail in Nigeria?

Football has failed? And now, we can't even trust the banks.Less than a month ago, a lady was arrested by the EFCC for skimming money directly from a depositors company account and in less than a year, 3 million was gone.She was sending fake statements of accounts and everything was cool until the bubble bust.

So this means, i can have N10 million in my account today (without using ATM for withdrawals) and come back tomorrow to find only N250 as balance.What a country! What a failure!

shouldn't this thread be in business section?

[b]I had a case of colleague been defrauded with ransom of 150 thousand naira approximately by UBA bank via ATM. According to the guy he knows his last transaction on the account as he’s preparing for his wedding due to this he manage his spend so as to have something to fall back on when the time arrives. He was surprised with this latest development in Nigeria banking sector when he got the news that his card had been used without his conscience to withdrawn all his deposit in UBA. If this guy is conversant with corruption that has dominated Nigeria system this may not affect him much but with the way I see this guy I pray this won’t yield him early grave. If this act can be carried out by bankers where else are we save in this country? In fact as I’m writing this mail the guy was already boiling and this automatically reflect in his looks. the amazing thing was that the bank official claiming this was due to his negligent therefore face the consequence.

I’ve already call on my legal friend to assit but also want your contribution in this forum[/b].

@jas

Please tell ur friend to get a good lawyer and am sure ur money will be refunded in months depending on how good ur lawyer is.

Last year November the same thing happened to my elder brother who was defraud of 120k via ATM OF FIRSTBANK. alhamdullilah they have refunded 60k remaining 60k.The fraudster made the withwarwal around Okota and his picture is still with the police and declared wanted.

Let him get a good lawyer and for those calling for verve card, i pity u just wait for few months to come and u will hear cases again.

I had to discontinue using my ATM card and queue at the counter.My hard earn monry is too precious to me,TO BE FORWARNED IS TO BE FORARMED.

Let me tell u guys d TRUTH, most of those ATM fraud are done by d bankers themselves! The ATM attendents do it, they will remove some amount of money which they are meant 2 load into machines and will now deduct or debit them into their customers accounts! One was caught in one of d banks after some months of succesful outings. Pls insist that banks pay u ur money after they have cameras attached 2d ATM.

I don't know the reason behind all these complaint about our banks?? Na by force? Why not keep your money under your mattress and see how armed robbers show you Pepper! Abi una no know say banks don cut bank workers salary? how dem go make up for the cut?

November last year, I got a alert on my phone that my account has been credited with 12,750,000. I was surprised cause its an account I have not used for over 9 months with less than 1k in it. about 17mins later, the money was debited from the account. I know it was used for fraud by the account officer.

KlinBoy:

November last year, I got a alert on my phone that my account has been credited with 12,750,000. I was surprised cause its an account I have not used for over 9 months with less than 1k in it. about 17mins later, the money was debited from the account. I know it was used for fraud by the account officer.

And did you take time to figure out what happened at the bank? You could get into trouble by keeping quiet as your account could be used to settle a fraudulent or terrorism related transaction and trust me you would be liable.

Do your best to clarify or report abnormal transactions, it is in your own best interest.

This is a pathetic situation that should be a concerned to all the citizens, mine too was pathetic coz i got a messege alert that i withdrew 30k while i was in a bus @ 3rd mainland bridge, i felt like jumping out of the bus, moreover the said card was used @ Maryland and i have no friends or relative there and i checked my wallet and my card was there,immediately i got to mile 12, i quickly got off the bus to see if the message was true bhur lo and behold,i broke down completely.

And when i reported the case to my bank,i was asked to right a letter which i did that very day. When they come up with there investigation,i was told it was a negligence on my side that i let my card to be used by somebody else which i never did since i was given. If i had the money i would have sue them.i stopped using the bank again form that day. So many stories about these useless banks bhur what can we do as a cictizen ?

Mbeki:

You guys are funny with your complaints.
What do you expect the banking guys to do in face of mass retrenchment and marmot unemployment waiting for them outside and lastly a failed system that will encourage them to steal knowing fully well they just have to bribe any law enforcement arm of the government to get away with their crime.

this is the loophole in the whole ATM transaction

when you're given an atm card, remember the unique number inscribed on the card was not generated by you.
also remember that you were given a pin number you suppose to change.
NOW THIS IS WHAT GOES ON BEHIND THE SCENE
1. The card guys has all your information,
2. The PIN Code you changed under normal condition should be encrypted by the program, but am very sure as you key in your so called pin code, it's exact key is being stored in a database. remember when you registered with nairaland, your raw password was sent to your email address. thats what is happening
3. The bank guys just need to have a reason to strike and your dole is gone, knowing fully well that you can't win a case against them.
4. Their software is completely hacker prone, as such,, when serious hackers storm this country, nigerian banks will be bled dry.

This is a must read for all!

As a Banker, I have just one advise for all of us:

You can never eat your cake and have it too,

When ever you divulge your security details to someone either knowingly or unkowingly, then expect the unexpected.

Virtually all the ATM card fraud handled so far by my bank are linked to card security divulgence to persons other than the card holders. Some of them do this ignorantly by supplying their card details to strange emails/websites.

If you have an account in the bank and you claim you dont need an ATM card, and yet you keep your cheque book around where someone who is already familiar with your signature features can have access to, the fraud you are norturing will be mightier than that of the ATM that has withdrawal limit.

Please keep your card details as safe as you will to your life.

Hi y'all who have been victim of this act,

it is better u lodge your complaint with EFCC, they will respond faster than the bank official.

Its a pity things have gone this bad.

coola-you:

As a Banker, I have just one advise for all of us:

You can never eat your cake and have it too,

When ever you divulge your security details to someone either knowingly or unkowingly, then expect the unexpected.

Virtually all the ATM card fraud handled so far by my bank are linked to card security divulgence to persons other than the card holders. Some of them do this ignorantly by supplying their card details to strange emails/websites.

If you have an account in the bank and you claim you dont need an ATM card, and yet you keep your cheque book around where someone who is already familiar with your signature features can have access to, the fraud you are norturing will be mightier than that of the ATM that has withdrawal limit.

Please keep your card details as safe as you will to your life.

@coola-you
Mr Banker please do not insult our intelligence here, i stand to ague that claim of yours about security divulgence. you dont seem to be following the thread or at least my earlier post about card skimming and insider runs by members of bank staff posted by other members here. before i fell victim i f anyone had challened me with a bet that i would fall victim to atm fraud i would have taken it because i thought those who fell were either careless with their pin details or outrightly dumb. for the avoidance of doubt i have NEVER given out my details, NEVER! not even to my wife tkless of feeding it into a phishing site but only used it at an atm within a banking premises and during working hours but yet my money was stolen. who could have such access?abegi jooo, banker ko banker ni

Cytosin:

I don't know the reason behind all these complaint about our banks?? Na by force? Why not keep your money under your mattress and see how armed robbers show you Pepper! Abi una no know say banks don cut bank workers salary? how dem go make up for the cut?

I had to laugh out loud at this.

So now the innocent and long-suffering masses are to bear the brunt of the Bank salary cut?

Experts in the house can somneone please tell me why Nigerian ATM is vulnerable to theft? I mean is it that the network security system and platform isn't security encrypted or is it that the banks just simply refuse to spend the millions of dollars that is required of them for ATM security or is that they are just plain broke?

coola-you:

As a Banker, I have just one advise for all of us:

You can never eat your cake and have it too,

When ever you divulge your security details to someone either knowingly or unkowingly, then expect the unexpected.

Virtually all the ATM card fraud handled so far by my bank are linked to card security divulgence to persons other than the card holders. Some of them do this ignorantly by supplying their card details to strange emails/websites.

If you have an account in the bank and you claim you dont need an ATM card, and yet yo :Du keep your cheque book around where someone who is already familiar with your signature features can have access to, the fraud you are norturing will be mightier than that of the ATM that has withdrawal limit.

Please keep your card details as safe as you will to your life.

You just explained the security lags in the Nigerian Banking system which I would highlight for you.

When ever you divulge your security details to someone either knowingly or unkowingly, then expect the unexpected.


You said whenever you divulge secuirity details either knowingly [/b]or [b]unknowingly, who in their right state of mind would divulge such details knowingly? Besides, what security details are you referring to? Card and pin?

Virtually all the ATM card fraud handled so far by my bank are linked to card security divulgence to persons other than the card holders. Some of them do this ignorantly by supplying their card details to strange emails/websites.


Secondly if your banking system and its platform it operates on has buit in algorithms, even though you divulge it, certain transactions would be automatically denied. Here are my experiences

1. For instance I bank with Bank of America, I use my laptop to bank online about 85% of the time, and the other 15% is if I'm in the office, so if someone get holds of my card no and try to access it from another laptop with a different IP, the fraud systems would kick in immediately prompting you to validate your security info, fail the validation after 2x, it would temporarily disable the card prompting the bank to contact you. This also applies to shopping as well, when u go for payment after it connects to Bank of America, B of A would verify through your system for processing, if you can't system would decline the payment.

2. Another experience I had one time, I used my card 2x at 7-eleven within 5 - 7mins, at the third time, my card decline as I was abt to call the bank, low and behold they were just calling me, I verified everything and then they released the fraud hold on the acct.

3. Another one, when I purchased an airline ticket, because the system only recognizes small purchase and not large ones, when I ran my card through to purchase the ticket, the bank declined the payment, within 3mins they called saying they had to decline because my history only showed small purchases of less than $50 and I want to authorize $1,500 ticket reason why they had to stop it, yes it was quite inconvenient for me at the moment because I was wanting that ticket deal, but I was pleased at the end of the day.

I won't even continue to go on and on and on. U.S. banks spend tens of millions of dollars to build fraud detective and anti deterrent systems. While I'm not saying one should divulge it, but when it happens, banks should have sophisticated systems in place to stop the activity.

If you have an account in the bank and you claim you dont need an ATM card, and yet you keep your cheque book around where someone who is already familiar with your signature features can have access to, the fraud you are norturing will be mightier than that of the ATM that has withdrawal limit.


Why would anyone wanna be familiar with your signature features? to present themselves in the bank that they are the one or what? Better yet issue a false check to one of their cohorts to withdraw the check, which is it? What happened to presenting to valid forms of ID, electronic signature capture imaging and database validation and so many other system, better yet the most easiest for checks larger than $1k; phone authorization with the account holder.

I strongly believe Nigerian Banks aren't doing a good job in term of banking security.

dont mind that banker guy, i went to an ATM machine one early morning at Ibadan and lo and behold, it was the security man at the bank that was on the look out for dem ATM fraudsters, when we got into the bank, we approached an ATM machine and he hurried us away to another ATM machine at the other side and on looking closely, we noticed the guys had some electronic gadget they had slotted into the ATM, the bank is a GTB at Ibadan, so Mr banker should shut up, what else would he say than dance to the tune of his Employers, shioor

You said whenever you divulge secuirity details either  knowingly or unknowingly, who in their right state of mind would divulge such details knowingly? Besides, what security details are you referring to? Card and pin?

the guy is right - where i wrk , alot of peeps have the bad habit of sending others to withdraw money with their atm cards.

this was how a youth corper began using peoples details to make online purchases

many of us are very careless with our PIN security

granted the banks etal are also culpable - bu in the end, it is your money and you must be vigilant

oyb:

the guy is right - where i wrk , alot of peeps have the bad habit of sending others to withdraw money with their atm cards.

this was how a youth corper began using peoples details to make online purchases

many of us are very careless with our PIN security

granted the banks etal are also culpable - bu in the end, it is your money and you must be vigilant

There's some truth in your post but let's be realistic about something. . .if you had over N1 million in your account, would you be crazy enough to give out your PIN to anyone?Even your child or wife? Some people do that but it's usually people with amounts lesser than N200k. From the look of things 90% of ATM fraud,Bank account skimming and other vices are perpetrated by the bank officials and security men.I've heard over a dozen tales of woe.What would you say about someone who NEVER used his ATM for one day and yet. . .N70,000 miraculously disappeared from the account via ATM withdrawal?I mean, this is an account that only he knows about.It's different from the one where his salary is paid into.Abeg, make we talk true when we see am.It's the bankers that are the major culprits.Less than a week ago, there was a reported case on the news about a lady who skimmed over N3 million from a customer's company account.Her reason? The crisis that Sanusi caused.Imagine that!

How can we be sure that the guy did not infact withdraw the money??

to all contributors, the beginning of wisdom is throwing away your atm or don't request one at all. i don't have one and will never have one. a smart person is one who learns from other peoples mistakes.

Its rather unfortunate,but not surprising.Infact, it happens all over the world.be vigilant country men.

Hi every one there, I have gone tru almost all the post here and i discovered one unique problem dat is prevalent in Nigeria.

A lot of Nigerians are so careless and ignorant of how ATM works, how to protect themselves from dangers that is associated with ATM, as well as how to secure and safeguard their ATM PIN from skimmers.

Why would somebody carelessly write his ATM PIN number in his wallet, d same place the ATM card he kept his ATM card? Now tell me what would happen if the wallet get lost or somebody, a skimmer gets hold of the card. Of course they will wreck havoc on his/her account and then he/she will start blaming bank for such a silly mistake. I ve had opportunity to ask some of these group of people why they choose to write their PIN number in their wallet and the reply I got is that they are not able to memorize the PIN number without writing it down.

I certainly think Nigerians need to be educated and enlightened on the best practices of protecting their hard-earned money in the bank from hackers/skimmers.

There has to be way to create awareness for Nigerians and that is why I set up www.securityandsafetyzone..com to inform fellow Nigerians that there is a potential hacker/skimmer standing near them right now.

Visit http://www.securityandsafetyzone..com

@@@@@@

well emm always put the other palm across the other to hide your pins whenever u are at the atm

gadget or not so ur pin wouldnt be read by the yeye gadget or from people behind u!!

this is for the man talking on how the atm was so closed to storey building as to people upstairs could see your pin

this is also for the gadget man, the instructment could copy ur card detail but the camera will not be able to read your pin

gbam

this is just not for the bankers responsiblity; u have a part to play as well

ucheo:
98% fraud on ATMS are as a result of ignorance, mis management of cards by card holders. Theirs a case in my bank where a senior lecturer in UI was threatening hell if hes money is not reversed. Lo n behold when the pix was printed it showd d man holding hes fone in 1 hand communicating with somewhere elsewhere.

On that point he started begging dey shd help him out.

The point of d matter is that if u r an ATM point, guard ur Card jealously, scammers only need to see the last 5 digits in ur ATM card  and also guess in Pin code and dats all. They dont need ur physical card to draw, they will use it to buy air time. Decline any help from any body or allowing any body near u y waiting to draw frm machine.

We all shd try n know ao all dis things work than making negative comments, any thing that has good side also has negative side and Nigerians will go many length to defraud rather than invent

you can talk here!