Alarm over fresh ATM fraud

Coming on the backdrop of rising claims by different individuals that cyber criminals had withdrawn money from their accounts without their ATM cards, indications were rife at the weekend that cyber thieves, known in the local parlance as ‘Yahoo Boys’ have taken their criminal enterprise a notch higher by now hacking into the account numbers of online shoppers to use their accounts to shop.

All the account owner will be getting is alerts Most of the banks spoken to by Sunday Telegraph confirmed the development, saying the target of the cyber thieves is mainly online shoppers.

The lenders, who spoke on condition of anonymity, insisted that the criminal innovation is not due any failure in the security chips built in the Credit Card (ATM Cards), adding that it is only possible with the collaboration with an insider in the banks and the online shopping firms. In a post on his Facebook wall, the Head Corporate Communication, Economic and Financial Crimes Commission (EFCC), Mr. Femi Babafemi said: “Our ATM cards are no longer as safe as our banks would want us to believe.

New Telegraph, October 14, 2018

 

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