Warning: How Fraudsters Use ATM To Steal Customers’ Money – CBN

atm theft

The Central Bank of Nigeria (CBN) has disclosed the series of ways fraudsters can defraud bank customers through their Automated Teller Machine (ATM).

Director (Corporate Communications), Ibrahim Mu’azu, who spoke at the closing of CBN’s stakeholders’ engagement sensitisation programme, tagged, ‘Promoting Financial Stability and Economic Development’, held in Asaba, Delta State, stated on Thursday July 2, 2015, said three information were vital and needed not to be taken for granted.

He described the information on all ATM Cards as unique, saying the fraudsters only needed to know three information to succeed; the number on the ATM, the expiring date and the pin numbers, saying it was better to memorise it than to write it down where it could be seen.

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Mu’azu, who was represented by Assistant Director, Department of Banking and Payment, Sola Agboola, explained that if the fraudsters got the in formations, apart from hacking into the account of another customer they could use it online to transact business while the victim’s account would be debited.

On why ATM machines had not been giving change/denominations, Mu’azu explained that it was not designed for such purpose, saying the machine had a cassette and there was the capacity it could load and because of the attitude to high amounts it had to be loaded with higher denominations.

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The director informed that if a customer’s ATM jammed in another bank, it was the responsibility of the original bank where it was registered to destroy it, save the information from leakage and protect the customer while if anything happened to the customer’s account the bank had the liability to compensate the customer.

According to Mu’azu, the apex bank would no longer tolerate the attitude of neglecting customers’ complaints by some commercial banks, threatening that CBN would not hesitate to sanction any commercial bank that fails to address customers’ complaints within two weeks and that affected customers with genuine complaints should register such at the Customer Protection Department (CPD) of the CBN for proper action.


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