Nigerian Banks Lose N6bn To e-fraud In 2014, 118% Increase From Previous Year

The value of reported electronic fraud by Deposit Money Banks (DMB) has risen to 1181.1 per cent, translating  into N6.2 billion in 2014 from N485.2 million in 2013.

Police nab ATM fraudster in Cross River

The Cross River Police Command on Thursday announced the arrest of a man who specialized in ATM
fraud in the state.

The Commissioner of Police, Mr Titilayo Busari, said the suspect was caught with 60 ATM cards and
N258,000 cash.

Busari said the state command had mapped out measures to prevent criminals from stealing people’s
money and other valuables.
He said the suspect was arrested in Calabar while trying to swap his card with that of another person at
the premises of a new generation bank on Calabar Road.

He said, “He was arrested by the police for allegedly swapping Automated Teller Machine cards of several people with invalid cards.
“He used those cards in withdrawing large sums of money from the accounts of the victims.
“We have worked out modalities to ensure that people across the state enjoy not only the Christmas festival,
but also freedom to carry on with their normal and lawful businesses.

“My men and I are ready to ensure that any criminal who rears his head in the state is nabbed.”
He warned people to be careful of asking for assistance while making withdrawals through ATM.
The suspect was arrested with N258,000 cash in his possession.
The suspect had earlier told newsmen that he came to Calabar from Abuja two weeks ago.

He also confessed that he had succeeded in swapping ATM cards of several people to withdraw from their
accounts.
The suspect said he spent the money lavishly in hotels and night clubs.
He said, “What I do is that I monitor people when they are making withdrawals through ATM.
“I go close to them and pretend to help them. When I notice the person’s pin number, I immediately memorize
it.
“After a while, the person is counting his money, I swap his ATM card with an invalid one and later use it to
make withdrawals from his account.”

He said he had used the method to withdraw several millions of naira from people’s account.

Source:
Nigerian Eye

ATM Hack 'Gives Out Wads Of Cash'

A flaw in cash machines that allows criminals to quickly steal wads of cash has been discovered.