Debit card fraud

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Tips to averting Debit card fraud in Nigeria

Tips to averting Debit card fraud in Nigeria. The advent of ATM card/machine in Nigeria is a relief to the banking populace, a big plus to modern innovation by the new generation banks to further ease the stress of carrying out banking transactions by the customers.

Every modern innovation however comes with its down side, ATM based transactions are not exception to this claim thus posing great challenges as customers could easily lose their money in a blinks of an eye helplessly to fraudsters.


The acronym ATM means Automated Teller Machine, an electronic banking outlet which allows customers to complete basic transactions without the aid of a branch representative or teller, the machine can be accessed with debit or credit card called ATM card.


An ATM card is a payment card issued by a bank/financial institution to a customer, which en

ATM card fraud
ATM card fraud

ables the customer to access automated teller machine (ATM) at any time for seamless transactions.

Now you know what ATM machine/card is, let’s look at the possible transactions you can accomplish with these two.


You may also like: 7 master tips to maintaining mobile banking security

There are so many transactions you can accomplish using the ATM card/machine below are just a few of them

  1. Cash withdrawal: This is the most conventional use of these devices, cash withdrawal has become so necessary that you do not have to visit any branch of the financial institution to make your cash withdrawals. Policy had been placed on certain amounts of withdrawals not to be paid across the counter in banks, this had as well been implemented to the later. The advent of ATM card/machine has solved the problem of weekend banking which is not readily obtainable in the past.
  2. Cash transfers: It does not stop at withdrawal, you can as well transfer money to your loved ones when necessary using the ATM card/machine. It saves the stress of queuing up in the bank to make deposits especially little sum.
  3. Airtime Top-up: You can recharge your mobile phone, that of your loved ones using the ATM card/machine at a press of a button than walking around in search of vendors who may not be readily available.



ATM cards are virtually of two categories traditionally known in Nigeria, we have the debit and credit card.

. Debit card: This is the most commonly used ATM card with a traditional responsibility of withdrawals from the ATM machine alongside performing other key functions as mentioned above. As the name goes it mostly past debit to hit the corresponding linked account (s).

. Credit card: This card contains a borrowed fund by the user, usually granted by a financial institution to enable the user carry out his financial obligations in a view of paying back later.

For the purpose of this article I will dwell strongly on ATM debit card, its security to avert fraud as well using the ATM machine safely.


The process of owning or getting an ATM card does not usually involve a rocket a science, however general ATM security should be of utmost concern while carrying out your business transactions with the ATM card/machine.

To be qualified for an ATM card you will need to have met the following obligations:

. Must be an account holder with the bank: This infers that you should have at least a standard savings account with your bank/ financial institution. If you do not have an account yet kindly visit any Skye bank branch of your choice or go here follow the account opening column and be a proud account owner in less than no time.

Requirements for account opening and procedures go hereHow to open a savings account in any Nigerian Bank

. You must have more than credit balance: This means the minimum amount of money in your account should surpass the initial credit balance. If you are expected to have at least N1000 in your account as a credit balance, then you should have say N2500 since the ATM card will usually cost within N1000 to prime one.

. You apply for debit card in writing: You will need to visit any branch of your choice, kindly demand to have an ATM card. You will be expected to put your instruction in writing accompanied by your valid signature. This is usually to avoid any claim from you on a later date should anything goes wrong with your account in event where withdrawal is being effected by a third party in your oblivion.


.Master card: This is an advanced kind of ATM card in the sense that it can accomplish online transactions like settlements and purchases.

. Verve Card: Usually does not carry out online transactions, but could do same if configured manually through digital settings, however there’s an extent to which it can go.



The security of your funds should be paramount on top of priority while using the ATM card for your transactions, its vulnerability can cost you, your life savings if not watched closely as fraudsters are on rampage both on cyber space and the street within the ATM machines, thus the importance of ATM security. Number one on the security tips is;

  1. Use a strong and unusual PIN: ATM PIN is usually four digit numbers that gives you access to the account while carrying out transactions on the ATM machine. Your ATM card PIN must be a code so difficult to reason out or crack by a fraudster. Avoid using the followings as ATM PIN, 1234. 1111, 2222 etc. Do not use your date of birth either, avoid using your reg number as a student. Your code must be numbers you and only you can remember at any point without writing it down on paper.
  2. Do not share or disclose your ATM PIN with anyone. Not even your boyfriend, girlfriend, wife or husband in most cases. Do not trust anyone with your money, in any case you get to notice your code has been exposed, kindly go to the ATM machine and change the PIN. There’s always a trust issue with money.
  3. Destroy any receipt generated by the ATM machine immediately you are done using an ATM machine at any point in time, exposing such can lead to debit card fraud.
  4. While using the ATM machine, shed the keyboard from prying eyes before ever introducing your PIN. Not everyone you met at the ATM had actually come to make genuine withdrawals, some are actually monitoring your transaction to as well capitalize on your weakness should you eventually let your guards down.
  5. Do not store your ATM PIN number in your phone, just in case you got outsmarted or misplaced your phone. Of which you can’t really tell in whose custody it is.
  6. Avoid using ATM machines at night, especially in lonely areas. You could be vulnerable to attack.
  7. Should you notice unusual movement in a lonely ATM spot, kindly take your leave and forfeit the transaction, otherwise you stand the risk of losing not just the money you already withdrew, but your account could get cleared at gun point.
  8. Avoid any call to assist anyone at the ATM point especially young male folks, it could be a ploy.
  9. Avoid using your ATM card for purchase in unsecured browsers and websites online, they could harvest your PIN, and that’s all.
  10. Once you stop receiving transaction alerts on your bank proceedings, kindly contact your bank.
  11. Finally, do not trust anyone with your ATM card, it’s very dangerous. To be fore warned is to before harm.



Kindly contact your bank immediately should you lose your debit card or got rubbed at any time to hot list your card and protect your account from Debit card fraud.

One comment on “Tips to averting Debit card fraud in Nigeria

[…] credit card is just like any other ATM card issued by the financial institutions, which allows you to borrow funds from a pre-approved limit to […]

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