[size=16pt]ATM fraud: ‘London Boys’ invade Nigeria[/size]

USERS of Automated Teller Machines (ATMs) in Nigeria might have a difficult time in hand as many of them have continued to suffer unprecedented losses running into billions of naira following the invasion of a sophisticated syndicates known underground as ‘London Boys’ into the growing’ plastic money’ business in Nigeria.

According to a report by Technology Times, the “London Boys” that are generally regarded as tech-savvy use the Internet and other technology gadgets to develop effective means of stealing electronic information that are the keys to unlock money saved in the accounts of ATM card users.

It  said, “they are often called ‘London Boys’ because they have fled the UK when the heat was turned on illegal money businesses and have lately found safe haven in Nigeria with the growing usage of plastic money among the country’s financial services industry.“

In recent times, they have also been exporting their trade to Ghana and other neighbouring countries within the West African sub region much to the ignorance of their hapless victims and authorities of those countries”.

The Lagos-based Technology Times also reported that banks and other players in the Nigerian ATM business have become aware of the unprecedented amount of losses they have been suffering, conservatively estimated at running into several billions of naira, following the activities of these syndicates into the nation’s ATM business

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