ATM Fraud – How to Protect Yourself

I got an e-mail message from a distressed subscriber recently, I’m going to quote him below:

guday david. how is your biz and your family? Dav, it is yet another set back to me . my savings account with 1st bank was totally emptied by the A T M fraudsters last week. i am presently with no money. please, if you can help me send life line. thanks

GTBank ATM
Now I seriously don’t know how he gave away his PIN/Banking details so easily, but…

…from my experience, these guys use email extractors to extract your email addresses from forums, social network and the various websites you visit which you must have probably used your email address to register on.

Now once they’ve gathered these email addresses, they go ahead to build a fake website which is called a phishing website. These websites usually have the look, feel and little functionality of the site they intend to impersonate. But it doesn’t take a genius to figure out it’s a completely hoax, but to my amazement people still fall for it which of course I wouldn’t blame them.

Here are some precautions to guard yourself from falling victim to these scumbags:

1. Open a new email account solely dedicated to your bank account, and never use it anywhere else online. This ensures you don’t even get any emails from anybody else. The reason why you receive SPAM in the first place is because you’ve mentioned your email address on one website or another.

2. Don’t update your banking details online. I’m not aware of any Nigerian bank that sends email with a link asking you to update one thing or the other via the internet. If there’s any changes or corrections that need to be taken care of, simply walk into the bank.

3. If you’ve submitted your financial and ATM details to one of these phishing websites, quickly run to your bank to complain and get it fixed before they wipe your account clean, that is if they’ve not done so already.

4. Don’t ever ask anybody to help you out on ATM machine. I can’t stress this enough, I see people doing this everyday. I mean why would you entrust your financial details to a complete stranger? If there’s something you do not understand while using the ATM or if you have any question whatsoever, always contact the security men who are readily available and glad to help you out. I wouldn’t put much trust in the security men themselves, so use your discretion.

5. Do not disclose your PIN to anybody, I can’t believe people do this. Not even your close friends, siblings, parents, spouse, etc. Well maybe your spouse or parents, that’s totally up to you. But as far as my banking details are concerned, nobody else has access no matter the type of bonding or trust.

6. Don’t just drop your card carelessly around your home. I’m guilty of this too, but I’ve learned, and you should too.

7. If you must use your ATM card to pay for goods and services online, ensure you do that on credible websites. These can often be identified by:
a. A locked golden padlock at the bottom right corner of your browser window.
b. An unbroken key symbol at the bottom right corner of our browser window.
c. A site with a URL that starts with ‘https’.

8. Don’t send your brother or friend to withdraw money for you using your ATM. You’d be surprised how many people do this. If you’re too busy to go get money yourself, issue a check instead.

Those are just some tips I could come up with, I’m sure there are lots of other protective measures I left out, you can simply add them using the comment box below.

  • OGA DAVE. THANKS FOR THIS POST. I WAS ONCE A VICTIM OF THIS ATM FRAUD. INFACT IT RESULTED TO A SERIOUS POLICE CASE WITH MY BANK AND THEY HAD TO PROVE TO ME HOW MY ACCOUNT GOT EMPTIED. NOW I KNOW BETTER. IT WASN’T THERE FAULT.

  • dear sir is it compulsory to open domicilliary account in order to receive my money from bet365 and can i withdrawal money from my bet365 account through bank wire transfer to my saving account in first bank of nigeria what are the step to take salami o s from osogbo

  • can i withdrawal my money into my zenith and gtbank visa card i use to fund my account with bet365 and b4u24 without using bank wire or domicilliary account thanks salami o.s from osogbo

  • just to add to what David listed above,
    pls avoid using ATM’s that are in secluded places, it’s adviceable to use the ATM’s in banking premises or in open places, some of these guys tamper with the machines smtimes and install things that can help them retrieve your PIN code after u have used the machine, like Video camera, finger print detector etc.

    Guard ur PIN Code with all diligence becos no bank will return ur money back, the best u can get is 30-50% of it. If you read the Terms and conditions on the other documents given to you when they hand over the Card to you, you will see there that u are liable unless you can prove that it was the banks fault beyond reasonable doubt.

    Tk care.

  • Up Next:

    Minute Exchange Might be Running a Scam Site - Beware!

    Minute Exchange Might be Running a Scam Site - Beware!