Automated Teller Machine ATM Fraud In Nigeria

Automated Teller Machine ATM Fraud In Nigeria

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Automated Teller Machine ATM Fraud In Nigeria?

We live in a global world where things work fast and the internet has made this possible, people want things done at the click of a finger and issues of finances are no exception.

The Automated Teller Machine otherwise known as ATM is one of such inventions of a technically and scientifically changing world, where money can be obtained at the click of the finger. This device has reduced the time spent having to queue up in banking halls to get money.

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Also, it has saved the banks the cost producing deposit booklets as it obtainable. With the use of ATM cards through the machine, business people can get their money faster and do transfer to any destination without getting into the bank halls.

The merits of this devices in financial transactions is relieving if properly managed by its operators which are the banks. Making payments for various bills becomes easy; such as decoders, airtime for calls, purchases and receiving money.
However, with its many advantages, the use of ATM has also recorded many disadvantages.

Here in Yenagoa, residents complain of insufficient ATM machines in the state which leads to long queues to get money. Invariably, the technological advancement of saving time is not achieved as we can only find a few machines in certain areas within the state capital.

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Some customers have regarded the ATM has a technological fraud in Nigeria as the various banks use it has a means of siphoning the hard earned money of customers. To some, making deposit is easy but getting ones deposit back takes several hours meeting several frustrations.

Automated Teller Machine ATM Fraud In Nigeria?

Some say they have to transport themselves to far distances to get an ATM machine to use. In Yenagoa, some ATM are dysfunctional especially banks that came out merge and acquisition. These banks have ATM outside their banking premises yet will not service them with cash.

While first generational banks are characterized with persistent network failure. ATM belonging to some of these bank cannot be used whenever there is a heavy down pour. Seizure of ATM card is a frequent traits of these banks with a retrieval fee of N1,000.

The time spent in queues just to use the ATM machine becomes a loss of man hours especially for business people who may need to use the money urgently. In recent times, there have been frequent network and power failures at these ATM points after customers wait for long hours.

An ATM users, lamented her ordeal to our correspondent at one of the ATM machine point along Melford Okilo Road. According to her, she waited for close to three hours before she could use the machine after several failures. She said, severally her card was rejected due to network availability and it was bank.

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Another fraud undertaken by these banks is the limit of cash withdrawal form the ATM point. Some bank place their limit as low as N4,000.00 which is so disheartening and unthinkable in this present age.

They place this limit to fraudulently deduct N65 per withdrawal.
Therefore, if banks cannot no long effectively operate these ATM point, they should remove them and customers will be aware that they can only get their withdrawals from the banking hall.

The regulatory agencies should live up to their bidding by checking the excesses of banks in the country to save the masses from this financial suffering.

Again, banks should have respect for their customers by passing appropriate information about their operations in order to save their customers from agony and pain.

Culled from Reflectormagazine

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