As Nigeria join other developing countries o go cashless, the use of POS machine has become paramount for Small and medium enterprises.
Fraudsters are becoming more smarter as their loop holes are sealed by regulating authorities.
Why You Should Be Really Watchful When Using POS Machine For Transaction
When you visit a POS Machine terminal to make a transaction either at a super market, busines center etc, the seller will collect your ATM card and slot it into the POS machine. After few seconds, you will be inform that the POS machine is not functional.
The POS operator will then ask you to wait for another POS machine to be brought to you from inside.
When the POS operaor goes inside, your ATM card will be snapped (including the surface and below) with a smartphone. He/She will surely come out with another POS machine, but you will not know that your ATM card had been snapped and sent to fraudsters.
With your card information sent to the fraudsters, the fraudsters will now use your ATM card details and make transactions online.