Thursday 28 August 2014

News: Fraudsters Shop Abroad With Cloned Nigerian ATM Cards

Facts emerged on Tuesday that electronic fraudsters had been duplicating Automated Teller Machine cards belonging to Nigerian bank customers and using them to buy items worth millions of dollars from shopping malls in the United States.
Top officials of the Central Bank of Nigeria reported that the development had made Nigerian banks and their customers to be losing millions of naira to the e-fraud.
The development, it was learnt, had become so overwhelming and that top executives of the banks and senior officials of the CBN had to meet with a team of Economic and Financial Crimes Commission operatives led by the director of operations in Abuja on Tuesday.
According to sources close to the meeting, the banks are seeking the assistance of the anti-graft agency to help in arresting some of the fraudsters who are using the duplicated ATM cards in the US.
From the outcome of the meeting, the EFCC is set to collaborate with a sister agency in the US in order to effect the arrest of some of the electronic fraudsters.

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