Fraudsters are becoming sophisticated in their attempts to steal money from bank customers, exploiting everything from ATMs and payment cards to mobile money platforms and stolen identities.
Equity Bank has warned that criminals are using a growing range of scams to trick customers into revealing confidential information, authorising fraudulent transactions or unknowingly handing over access to their accounts.
According to the bank, many of these scams rely on deception, impersonation, and social engineering, which fraudsters use to manipulate victims into acting before verifying the information.
The bank’s fraud awareness register highlights several emerging schemes targeting ATM users, cardholders, mobile banking customers, and people making routine payments, underscoring the importance of remaining vigilant when handling money or sharing personal information.
ATM Fraud
One of the most common tricks is PIN shoulder surfing, where criminals stand close enough to secretly watch customers enter their PINs at ATMs. The stolen PIN is later used alongside a stolen or cloned card to withdraw money.
Fraudsters also pose as “Good Samaritans” when customers encounter problems at ATMs. Pretending to help, they manipulate the situation to watch PINs, steal cards, or swap genuine cards for fake ones.
Another common scam is card trapping, in which criminals tamper with an ATM so a customer’s card becomes stuck.
As the customer struggles to retrieve it, a fraudster offers help, secretly observes the PIN, or swaps the card. Later, they retrieve the trapped card and use it.
Card Fraud
Customers using cards in shops and restaurants risk exposing their PINs when staff members or bystanders secretly observe the numbers being entered on point-of-sale machines, and the details can later be used for fraudulent transactions.
Fraudsters also harvest CVV numbers, the three-digit security code on the back of payment cards, by photographing or recording them during transactions.
They then use this information to make online purchases without the physical card.
Another threat involves fake or compromised online shopping websites that capture card details during purchases, enabling fraudsters to conduct unauthorised transactions elsewhere.
Mobile Payment Fraud
Customers may receive messages telling them to send money to a specific mobile number, pretending the request comes from a trusted institution or payment provider. Victims who fail to verify the information risk sending money directly to fraudsters.
Another common scam involves fraudsters claiming they mistakenly sent money and asking for a refund before the original transaction is verified. The initial transfer may be fake or manipulated.
Criminals are also exploiting mobile banking users by helping with account verification or mobile banking backup services before requesting a One-Time Password (OTP), which they then use to access and drain accounts.
Identity Theft
According to Equity, fraudsters use lost or stolen national identity cards and passports to impersonate customers, replace SIM cards, access bank accounts, or apply for credit facilities.
Compromised email accounts also give criminals the opportunity to reset banking passwords and take control of financial accounts.
Fraudsters are also exploiting routine payments, such as rent and school fees, by sending fake notices claiming that payment accounts have changed.
Others create panic through false medical or family emergencies to pressure victims into sending money immediately.
Equity Explains How to Stay Safe
Equity advises customers to remain cautious whenever they receive unsolicited calls, SMS messages or emails requesting banking information or urging immediate action.
Customers should never share their PINs, passwords, or One-Time Passwords (OTPs).
To avoid identity theft, customers should shield their PINs when using ATMs and card machines, verify payment instructions directly with the intended recipient, and avoid sending money based on unverified messages.
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