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ATM fraud worries banks , Unity Bank boss

The Managing Director/CEO Unity Bank Plc, Mallam Bello Falalu has decried the increase of Automated Teller Machine (ATM) fraudsters, saying it is worrisome as it might discourage people from saving.

According to him, “ Saving as a strategy to control future expenditure by almost every household has become a thing of threat to innocent ATM users who are filched of their money by ATM fraudsters through a remote devices.

The new ATM machine being  produced are built with a special camera device that takes shot of every transaction on the ATM machine.”
Speaking on Tuesday during the presentation of the  fact behind the bank’s 24 billion Right Issues stressed that security experts have said that ATM thieves steal PIN code and account number using remote devices done by sophisticated crime rings, adding that this development is a bad news for consumers and that  losses from skimming are approaching billions.

According to him, “ this menace caused by ATM fraudsters has called for attention and concern to Banks, operators and the Centra Bank of Nigeria (CBN). One in five fraud victims reported having their credit card PIN or debit card ATM PIN information stolen in 2009, has continued to rise this year and if not controlled will jeopardize ATM use in the future.

According to analysts, ATM thieves use two devices to capture the PIN and card data, one device sits near where you swipe your card and reads the magnetic stripe on your card with your account number, more confusing is the fact that the device mimics the card slot, secondly a camera is hidden from view which captures the PIN, analysts noted that you can be in your car with a laptop remotely accessing the device, and also said that  technology has evolved to a point where the molded plastic fits like it belongs there. ‘

According to him “ Experts has encouraged ATM users on the following rules. To cover their password with their hand when withdrawing from the machine since hidden cameras are disguised so that they cannot pick up ones password.

Consumers should use familiar ATMs and limit their visits because ATMs in dimly lighted spots or used late at night could be more susceptible to fraud, while ATM’s under video surveillance can be safer, urging that people stay away from ATM  at retail stores or restaurants.

“Users should be observant of the ATM they use, make sure a card slot is “legitimate and not tacked on.” Look for things that strike you.


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