Insider Thefts In Nigerian Public And Private Enterprise: A ‘First Bank’ Example

In the recent past, we have seen or read several cases of stealing from within the public sphere but unknown to many, privately employed citizens are almost equally involved in this thieving business. But they – these privately employed – have largely evaded scrutiny because unlike the treatment meted out to their public counterparts, their own linens are washed in private....Read the full article.

[Igboamaeze]

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I am a student of the Barkin Zuwo school of banking: put your money under/inside your pillow. Dig a hole somewhere safe and near and bury your hard-earned money there. If robbers rob you or your money get pilferred by your members, at least you know who to hold responsible or who to suspect. It is better that members of your family pilfer your money than to have it stolen by some corporate rogues.

In December 2008, I was debited N20,000.00 by an ATM for an account domiciled with another bank even though no cash was dispensed. I reported promptly to my bank, filled forms and answered countless questions. Seven months later and after countless visits, phone calls, denials, corrections, more denials, corrections and all, my money is still trapped in the over-flowing cash vaults of the Banks while I grief. Bank customers lose millions of Naira to banks and their ATM/kalo-kalo machines daily without knowing it.

Nigerian banks are mere kalo-kalo kiosks ran by a bunch of greedy and fashionable shylocks.

The only way to avoid them is to follow in the wise foot steps of Barkin Zuwo...

[Suleimana]

I can safely conclude that your Mrs. O. has been the victim of the latest form of 419. You receive an email purportedly from the switch (interswitch) or your bank where you are told that you need to provide your card details; otherwise your card will no longer function. To a cut a long story short, her card was cloned and used by fraudsters. As per the limit affair, it does not apply to POS terminals where purchases can be made without limit on amount. It is even possible that ‘voyeurs’ obtained her PIN. The banking industry is still grappling with the appropriate measures to stem the tide of e-fraud and this kind of frustrations are not un-expected. Tell Mrs. O to review her emails again. Eventually, the banks will have to improve security (although they cannot help you if you give out your PIN) and, where reasonable, refund customers.

The bigger case you made cannot be ignored. People don't steal billions in Ghana must go bags- for that, you need banks. The politicians control most of the money in the economy and the banks are desperate to get their hands on it. That is where the horse-trading begins, with the banks that offer the fastest vehicle to a Swiss account more likely to grow as they win more government business. When N75billion out of N100billion intended to fund agriculture finds its way into one bank, that is a huge advantage. Passport to a Swiss account is a small price to pay.

When it is all said, the politicians are the leaders and the buck stops with them. They define how business is done in the country and some of us will remain perpetual outsiders because we object. A fish rots from the head?

[Ebe]

When I was in Nigeria recently I resisted the urge to obtain an ATM card. I always went to the bank physically to withdraw cash. I suffered a few minor inconveniences as a result, especially on weekends when I would have liked to have more cash, but other than that, I was fine. When I started hearing from friends about their ATM woes, I knew that my caution had paid off and I was happy that I didn't get an ATM card.

My sense is that many Nigerians, especially those in the professional and middle class ranks, rush to obtain ATM cards and ignore the serious risks associated with the Nigerian ATM system because they want to appear chic. For some of my friends it's not a convenience thing but a conformist thing.

I have since learnt that it pays to be a nonconformist in many of these techy things. Give it time for its integrity and reliability to be established before jumping in.


Don't get me started on Nigerian banking culture. That's a topic for another day. Let me just say that my experience with Nigerian banks and bankers is that they always deal with you as though they are doing you a favor, and if there is something wrong it is always the customer's fault and never theirs.

[M. Akosa]

As Oga Igboamaeze said, "the good old way of hiding money inside pillows and mattress" is the safest way to save your money in Nigeria, in fact every where these days. It is much better to loose money to family members or armed robbers than bankers.

Bankers are the worst crooks, shiny, vain, flashy, fast and smooth talking, all to get their hands on your money. I hate them with a passion. They have no shame or credibility, always trading their bodies and conscience, just to meet their targets.
Banks and bankers open you up for all sorts of exposures to loose your money or get dwindled in some ridiculous abracadabra investments and saving plans that never make any sense or add up.

[Enyi]

Suleimana
I can safely conclude that your Mrs. O. has been the victim of the latest form of 419. You receive an email purportedly from the switch (interswitch) or your bank where you are told that you need to provide your card details; otherwise your card will no longer function.
Your suggestion is probably correct. I have received horde of emails from the so-called Interswitch Nigeria on the need to re-activate my ATM card on-line. In the last couple of days, I receive about 4 to 5 mails a day with a warning that this is my last chance. Interesting enough, the mails are signed by Interswitch Nigeria- no personal names or official designation. I am surprised that people will fall for such tricks. Customers get ATM cards from their banks and not from the so-called Interswitch Nigeria.
It is only fair that whoever has problems with his/her ATM cards should deal directly with his/her bank and in person.
There are other ways by which PINs can be fraudlently obtained. A lot has been written on these techniques. Our banks also need to improve on security and privacy for ATM transactions. A situation whereby people mill around an ATM machine and can easily sight PINs used by others is a security risk.

[nijalaw]

I am quite sure that Mrs O fell for the Interswitch 419 or her pin & card # was obtained through carelessness by her & then cloned. I can't really blame her as anyone can be a victim of fraud & she should pursue her case even if it has to end in the law courts & she should not be deterred as the usual trick is to wear you down & you leff am for God. The bank should be able to provide her with where these withdrawals were made for further investigation.

If you have an ATM card or intend to, please ensure you subscribe to Mobile Alerts, this will alert you of Debits or Credits to your account via text message. This is simple & it just entails making a request or filling out a form at your bank.You can also obtain from the bank or they will alert you via text of a number you can quickly send a text to for your account to be suspended in the event of an illegal withdrawal.

@Igboamaeze,

I did post some advice before on the usage of ATM's on another thread. If you want to withdraw, make sure it is your Banks ATM & always use the ones that are located within the banks premises. It is easier to get your money back in the event of cash not being dispensed when withdrawing, I have always gotten mine.
Avoid the ones at Bars, Nightclubs, Hotels, Supermarkets etc.

I have seen people who are handicapped in the usage of ATM's completely surrender their cards & pin numbers to strangers trying to help them, some are genuine & some are not. I know those who give their cards to friends & relations to use & return. These are just some of the ways fraudsters obtain information to clone cards.

I have used ATM's since their inception & I have had no problem at all & to me their great.

[Suleimana]

see sample fraud letter

Dear InterSwitch Value Customer,

InterSwitch is pleased to notify our online banking customers that
we have successfully upgraded to a more secure and encrypted
SSL servers to serve our esteemed customers for a better and
more efficient banking services in the year 2009.
Due to this recent upgrade you are requested to update your
ATM CARD information by following the reference below. using our
new secure and safe SSL servers. To validate your ATM CARD account
click on UPGRADE MY ATM CARD SECURITY.

This Email has being sent to all our Bank customers, and it is
compulsory to follow as failure to verify account details will lead to
account suspension.

Thank you.
©InterSwitch Nigeria Limited

[denker]

Originally Posted by Suleimana

see sample fraud letter

Dear InterSwitch Value Customer,

InterSwitch is pleased to notify our online banking customers that
we have successfully upgraded to a more secure and encrypted
SSL servers to serve our esteemed customers for a better and
more efficient banking services in the year 2009.
Due to this recent upgrade you are requested to update your
ATM CARD information by following the reference below. using our
new secure and safe SSL servers. To validate your ATM CARD account
click on UPGRADE MY ATM CARD SECURITY.

This Email has being sent to all our Bank customers, and it is
compulsory to follow as failure to verify account details will lead to
account suspension.

Thank you.
©InterSwitch Nigeria Limited

Nne, Suleimana,

I was rocked to high hells of ecstasy/anxiety/disappointment when my anobolic Inbox with HotMail, sponsored by MS, acknowledged the receipt of the alleged ATM-Modification/Accreditation/Upgradation be conducted by InterSwitch Nigeria Limited. You gotta know...!, ain't a stalkingholder(whatever that's) in Nigerian Banks, infact, i didn't know there's anything like ATM in Nigeria....Nne, Suleimana, What do you think Nigerians like to do plenty frauds, nowadays..

[Igboamaeze]

Originally Posted by nigerdelta666

Nne, Suleimana,

I was rocked to high hells of ecstasy/anxiety/disappointment when my anobolic Inbox with HotMail, sponsored by MS, acknowledged the receipt of the alleged ATM-Modification/Accreditation/Upgradation be conducted by InterSwitch Nigeria Limited. You gotta know...!, ain't a stalkingholder(whatever that's) in Nigerian Banks, infact, i didn't know there's anything like ATM in Nigeria....Nne, Suleimana, What do you think Nigerians like to do plenty frauds, nowadays..

----------------------

Mazi nigerdelta666,

Wetin konsain Nne with a man? Abi na wafi lingo be dat one? Abeg, Nne na for woman while Nna na for man; except na so una de talkam for wafi.

Anyway, back to the ATM and its many wahala...

[Eace]

ATMs; Mobile phone technology; Wireless telephony/internet access - all the things Nigeria happily takes on from the 'developed' world while the country's foundations in the supply of the basic amenities for decent living standards is at zero level.

Mrs O is only one out of millions who has been fraudulently dealt with and why not - we keep kidding ourselves about our advancement thinking that adopting every new technology is proof that we are 'making progress'.

[kekerete]

There's every likelihood that she's fallen victim to those fraudulent mails requesting you to update your ATM details.

My advise: always look at the FROM field in the email message. If it comes from a yahoo, gmail or some other free email provider, then consider it as fake, as banks and serious organisations do not send mails from yahoo accounts. Even when they succeed in forging the FROM field, as it happens sometimes, look at the address of the domain serving the form you are filling. This will be displayed on the browser's address space. If it doesn't show your bank's domain name, say gtbplc.com, then you are going to send your data to a fraudster.

[E_Pluribus_Unum]

frauds are indeed evolving

[Enyi]

Originally Posted by kekerete

There's every likelihood that she's fallen victim to those fraudulent mails requesting you to update your ATM details.

My advise: always look at the FROM field in the email message. If it comes from a yahoo, gmail or some other free email provider, then consider it as fake, as banks and serious organisations do not send mails from yahoo accounts. Even when they succeed in forging the FROM field, as it happens sometimes, look at the address of the domain serving the form you are filling. This will be displayed on the browser's address space. If it doesn't show your bank's domain name, say gtbplc.com, then you are going to send your data to a fraudster.

Your suggestions are fine. However, unless one is doing Internet banking with facilities for secured email communications, the safest method is to delete all such emails. All such transactions should be done in person and directly with one's bank. After all, ATMs are issued to customers by banks and not by Interswitch. In any case, which company worth its name will send mail without disclosing the name and position of the responsible officer?

[purple]

This 'official letter' is riddled with typos and gramatical errors. Tha is usually the first giveaway when it comes to 419 lettes.

Originally Posted by Suleimana

see sample fraud letter

Dear InterSwitch Value Customer,

InterSwitch is pleased to notify our online banking customers that
we have successfully upgraded to a more secure and encrypted
SSL servers to serve our esteemed customers for a better and
more efficient banking services in the year 2009.
Due to this recent upgrade you are requested to update your
ATM CARD information by following the reference below. using our
new secure and safe SSL servers. To validate your ATM CARD account
click on UPGRADE MY ATM CARD SECURITY.

This Email has being sent to all our Bank customers, and it is
compulsory to follow as failure to verify account details will lead to
account suspension.

Thank you.
©InterSwitch Nigeria Limited