Latest POS fraud in town to watch out for in 2020/2021

Latest POS fraud in town to watch out for in 2020/2021

POS fraud – The year is gradually coming to an end, while everyone aspires to make more money, save more, embark on vacation so long they want, it’s undoubtedly that  agent banking is the easiest way to source funds on the spot in the current economy.

However, it becomes necessary and pertinent for everyone to pay detail attention while carrying out transaction at the agent terminal.

For the benefit of all, I will discuss two major POS fraud that are the order of the day.

Read also: SurePadi agent – How to become a SurPadi agent in simple steps

How does it feel to realize that your account is being debited without you knowing it or authorizing the debit in the first place? This is very much obtainable, it can happen without you divulging any information to a third party whatsoever.

1. Anyone who has access to your account number can effect withdrawal from your account.

You’ll be like “This is strange, how is that possible?”

My dear, it’s very much possible that your account could got wiped in seconds.

I won’t be telling stories here, see how it’s being done below.

Who can effect this fraud

The easiest people to effect this fraud are your close associates, people who are very close and dear to you. Usually friends and family.

Read also: How to hack a bank account in Nigeria

Once they have a grip on your account number, the next target is your mobile phone at maximum your SIM card.

They could go as far as removing your SIM card from your mobile phone, so long they are very sure that’s the line linked to your bank account.

The next thing they will do is to visit the nearest POS agent/ agent banker in town.

He/she will tell the agent they want to withdraw some money from their bank account, they forgot their ATM card at home, misplaced it or any story that appears real and fits in, but have their account handy.

The agent wants to make money, he/she will simply charge the customer outrageously and they’ll be willing to pay without further bargain.

Read also: Flash funds app: Here comes the number one badass tool hackers use for fake bank alert

Once commission is agreed, the agent uses the withdraw with account number option on the POS machine, since the fraudster already had access to your phone, they’ll receive an OTP en route to the transaction, return same to the agent to complete the transaction.

As simple as that.

Now, it’s either your SIM card gets missing or you lose your cell phone in the process, whichever one applies, be ready to lose the both because they won’t return any. Better still throw them away.

The funny thing is that you may not even be aware of the POS fraud, till you visit your bank someday, and you’ll be “How manage?”

Learning curve

Always keep your account number intact, except when divulging is highly necessary. Your mobile phone should always be at your reach, avoid leaving your phone with friends and family under any guise.

2. ATM card removal from the terminal once POS shows “approved.”

The agent slots your ATM card in the machine, once the “Approve” status appears, they will remove your card, doing this will not allow the machine to print out your receipt, it will finally show the decline feature which means your transaction was not successful.

But in essence, you will be advised to contact your bank that a reversal will be effected.

Read also: Tips to averting Debit card fraud in Nigeria

Having fall for this scam, the merchant will effect the reversal and the money will go into the vendor’s account not yours anyway.

You will end up shuttling between the bank and the agent.

Learning curve

If the transactions shows “declined” and debits you, the money will be reversed into your account.

However, if it shows “Approved” and then “Declined” the money will be reversed to the vendor’s account and you won’t get back your money without a violent fight.

Ensure to monitor the agent, they must not pull out your ATM card half way into the transaction.


POS fraud has come to stay, it’s necessary to open your eyes to these tricks before you become a victim, these guys are not smiling I tell you.

Shine your eyes.

One comment on “Latest POS fraud in town to watch out for in 2020/2021

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