Business & Finance

Beware Of Fake POS Dealers, This Is How They Can Defraud You Using Your ATM Card.

Be Careful With POS Dealers, This Is How They Can Defraud You Using Your ATM Card.

Be Careful With POS Dealers, This Is How They Can Defraud You Using Your ATM Card.  Take Cautions Of POS Dealers, This Is How They Can Defraud You Using Your ATM Card.

Be Careful With POS Dealers, This Is How They Can Defraud You Using Your ATM Card.

Take Cautions Of POS Dealers, This Is How They Can Defraud You Using Your ATM Card.
In Nigeria, the usage of POS machine has been the alternative means by which people withdraw money, especially when banks are not operating at a particular time or when it seems stressful in obtaining a considerable amount of money from the ATM of your bank or any bank closest to you; we often meet POS dealers during that trying period to aid us in withdrawing money from our bank account with ease, using our ATM card.

You should be mindful of the fact that some of these POS dealers are known as a fraudster or a scammer.

In this article, I will highlight the various strategies they have devised in performing their fraudulent act or the methods they have adopted in withdrawing your money using your ATM card. They are as follows:

• Fraudulent POS dealers can retrieve your credit card details and they can have unauthorized access to your bank account. When they have succeeded in gaining access to your bank account, they will definitely withdraw all the money reserved in your bank account and they don’t need any OTP to get this done.

• When you approach a POS dealer that happens to be a fraudster, he or she will complain that the POS machine is having network issues during the process of transaction. For the transaction to be successful, they will convince you to enable them use an application in their mobile phone to perform the transaction with the use of online wallet.


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During the transaction process, they will request for your ATM card and subsequently input the required details of your ATM card; the required details include your ATM card serial number, ATM card name, ATM card CVV and the expiry date.

When the transaction becomes successful, your money will be paid to you after he had discovered the money in his wallet and he will hand over your ATM card to you.

You should note that your first transaction will require the use of One Time Password (OTP) from your bank so that your transaction will be authorized. When you regularly make use of the dealer’s POS machine and you are fond of patronising the POS dealer, he will always use the application to withdraw your cash for you, instead of using the POS machine as a means of withdrawal.

After several withdrawals have been made from the app using your ATM card, the app will now approve your ATM card and eventually have access to it. When you perform a transaction next time, it will authorize any transaction you make without sending OTP from your bank.

At this point, the POS dealer will start withdrawing meagre sum of money from your bank account; between ₦50 and ₦100. You may believe that the debit alert are some charges from the bank you operate. When you discover incessant deductions from your bank account, you should know that it is the work of a fraudulent POS dealer you have been patronising over the years.

For instance, if a fraudulent POS dealer withdraw the sum of ₦100 from 20 people bank account daily, the sum of ₦2000 goes directly into his online wallet daily. Beware!

Do not permit any POS dealer to withdraw money from your bank account using any application in their mobile phone. If you discover that their POS machine has network issues, you can come back later or head to the bank and withdraw your money so as to keep your bank account safe and secure from internet fraudster or fraudulent POS dealers.

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