₦airaland Forum

ladej:
at 2 am. what is this one saying? have you been faced with a gun before?

Not really, but you have shey? So ur point is? Need I remain you that banks have something called CONTACT CENTRE and some run 24 hours.

Atmmachine:
Legalize guns in Nigeria.
Problem solved.

U talk very foolishly at times here, though uve made a slight point here

donem:
U talk very foolishly at times here, though uve made a slight point here

OK
Have a nice day

Rexphobia:
Not really, but you have shey? So ur point is? Need I remain you that banks have something called CONTACT CENTRE and some run 24 hours.

I haven't either but I know it's scary. if you're tied up before they leave there will be no contact centre till they are far gone.may we pray to live in estates where crime is a thing of the past.I know a guy who a thief robbed him around 7 in the evening. gun point. he withdrew 150k at gun point

what will contact centre do at that point?

make God dey protect us bro.

ladej:
I haven't either but I know it's scary. if you're tied up before they leave there will be no contact centre till they are far gone.may we pray to live in estates where crime is a thing of the past.I know a guy who a thief robbed him around 7 in the evening. gun point. he withdrew 150k at gun point

what will contact centre do at that point?

make God dey protect us bro.

That's the interesting thing about POS transactions. They are settled at EOD - End of day (about 24 hours). That's why it is called T+1. Except they were tried for the entire weekend.

Everyday for the thief...

mployer:
I don't believe this story though.

God bless u

I do my savings in an account with no debit card and no e-banking.

I use another account for my day to day/monthly transactions. I have a card for that, and I have mobile alerts. But I also have the facility to disable the card on my mobile app if stolen, as long as I have internet on it.
And if not, I can call customer care!!

Not after working your butt off to make the cash then someone comes along and walks away with it cheaply. It doesn't mean you can't be robbed but we GATS minimise damage.

Rexphobia:
That's the interesting thing about POS transactions. They are settled at EOD - End of day (about 24 hours). That's why it is called T+1. Except they were tried for the entire weekend.

thanks for the enlightenment. appreciate

inze:

. . . don't be quick to believe that the POS belongs to them robbers, they may have as well stolen it from any department store and using it just to verify the pin provided by the victim is correct so they can proceed with it to the nearest ATM. And please nobody should tell me about ATM cameras unless ofcourse they now see through face-caps and/or sun-shades

Dude,my mind didn't even go there self.Very good thinking.

If this is their new method then it will soon be over for them. Let the victims report the incident to the police, at least every account now has BVN so it is an easy catch.

sapiosexual1:
we'll have to weigh the benefits of your action against the risks. Having cards makes financial transactions alot easier. It would also be a hard and almost impossible sell to tell robbers that you've got no card. We only can imagine their reaction on your body as they would take out the beauty from your face.
I think I would have to move most of my serious cash to a specific account and do away with the ATM card while I maintain the other account with some cash, keeping the ATM. May God not allow us experience evil.

Exactly! This is what I did.
I have a main ATMless account where almost all my cash are stored and anoda one(my salary acct) with very little cash from where I transfer to my Atmless account.

This is called CASHLESS ROBBERY

How did they get the POS. machine was it not a bank that gave them?.

NakedEve:
Exactly! This is what I did.
I have a main ATMless account where almost all my cash are stored and anoda one(my salary acct) with very little cash from where I transfer to my Atmless account.

Smart you.

Cadamlk:
They will soon be caught.Cos it is easier to trace them

true, first of all the POS is registered with a particular vendors name, also the account for such 'heavy' inflow will have been well-KYCed to allow for movement of huge sum in and out, especially in this BVN era.

With those details, its not expected to be a difficulty process identifying the culprits

Atmmachine:
Legalize guns in Nigeria.
Problem solved.

With this, Nigeria's population would reduce to half. If not quarter. Because at every provocation, we will pull the trigger.

Pipu like me that have six accounts will just pick the card for the account with the least balance and dash the robbers

sapiosexual1:
I was discussing with a friend yesterday and we were going on about the spate of crime in Lagos, lamenting that things are taking a turn for the worse.
Then he began to tell me his experience with robbers who paid a visit to his compound at Ikeja last week. According to him, they seem to get smarter and smarter. They visited them with POS machines and moved from flat to flat, demanding you make transactions into their account at gunpoint. Once the transaction pulls through, they take your cards, record your pin and they are off to the next flat.

In this way, they drained virtually all the cash in his 3 accounts over the weekend.
Have you been a victim of this mode of crime, come in and share your experience.

Wey U, don't play on our intelligence biko , U want to know if this mode of stealing is feasible abi? Just try am

End time plans

Sijo01:
Hmmmmm, this is sophisticated.

Not really. They would definitely be caught. The process of getting P.O.S machine requires the bank to know you and your business including your business address and phone number (which I believe is registered).
Also, the business does not get access to the cash instantly. It takes days to get the cash.
So the victims will have enough time to go report to police and the banks to have the transactions blocked. Nigerians always think they are clever but in the long run find out they're clever by half.

inze:

. . . don't be quick to believe that the POS belongs to them robbers, they may have as well stolen it from any department store and using it just to verify the pin provided by the victim is correct so they can proceed with it to the nearest ATM. And please nobody should tell me about ATM cameras unless ofcourse they now see through face-caps and/or sun-shades

Well the poster claimed his friend said the robbers emptied his 3 bank accounts through the p.o.s machine. So which cash will the robbers withdraw with the pins?
And they cannot immediately access cash from the pos remember.

Rexphobia:
Hope they also asked if it was savings or current account?

I find this hard to believe though. Robbers like physical cash as much as possible.

So imagine they wipe all our accounts over the weekend;

1. How will they withdraw all the fund over the weekend, since there is a limit to how much you can collect via the ATM, even if they transfer to another account or bank

2. So your friend could not contact his bank to have his card blocked and account frozen immediately the robbers left?

Guy I'm a banker and I can tell u this is 2,000% possible.

Let's say they came with just one Pos linked to one of their accounts. And they transferred N200k each from 10 flats, that's N2M.

The other members of the gang also has random accounts loosely opened with porous kyc (rem Naija doesn't have a proper ID system and database, you take whatever the customer presents especially when it's seen as a casual savings account).

Now op said this happened during this long hols, let's assume on Wed 23rd nite.
Now they have, 23, 24, 25, 26, 27, and 28 and even 29th early morning (5, 6 or 7 solid days to conclude their criminal acts)

The 2M gets shared into 3, that's 2 more accs of their gang members, 700k, 700k and 600k.

Next action, withdraw 100k daily from the different accs, some banks allow more. They can do POS purchases as well of goods they can easily sell off.

On the bolded, they have already robbed them of their funds, monies have left their accs to the robbers accounts, is she gonna call her bank to block an empty account? Unless to protect the monies left if any. They don't have the robbers' acc details remember?

So this can happen live.
I have seen where ATM cards are cloned and used to make airline Bleep purchases, esp those days of magnetic strip cards. Nobody can hold the recipient of such Pos transfers liable especially if they actually sell what funds were transferred for. Nobody comes to buy from you and you go asking them for source of funds or if they are criminals.

Nawa o!!! Wetin 9ja police come dey do abt am? If 2 say na correct police we get, dem no go trace d money wey comot d victims' accounts 2 D account where d money was paid 2 wt d pos machine? Wt bvn nw e go easy 2 get picture of D owner of D account & with d help of social media & a criminal database, D perpetrators wld b easily captured bt no dem no fit do dt 1. Na 2 dey kill pple innocent pikin on top beer mata na im dem sabi. SMH

excellentmomma:
Guy I'm a banker and I can tell u this is 2,000% possible.

Let's say they came with just one Pos linked to one of their accounts. And they transferred N200k each from 10 flats, that's N2M.

The other members of the gang also has random accounts loosely opened with porous kyc (rem Naija doesn't have a proper ID system and database, you take whatever the customer presents especially when it's seen as a casual savings account).

Now op said this happened during this long hols, let's assume on Wed 23rd nite.
Now they have, 23, 24, 25, 26, 27, and 28 and even 29th early morning (5, 6 or 7 solid days to conclude their criminal acts)

The 2M gets shared into 3, that's 2 more accs of their gang members, 700k, 700k and 600k.

Next action, withdraw 100k daily from the different accs, some banks allow more. They can do POS purchases as well of goods they can easily sell off.

On the bolded, they have already robbed them of their funds, monies have left their accs to the robbers accounts, is she gonna call her bank to block an empty account? Unless to protect the monies left if any. They don't have the robbers' acc details remember?

So this can happen live.
I have seen where ATM cards are cloned and used to make airline Bleep purchases, esp those days of magnetic strip cards. Nobody can hold the recipient of such Pos transfers liable especially if they actually sell what funds were transferred for. Nobody comes to buy from you and you go asking them for source of funds or if they are criminals.

Dear banker, Has this changed? "The settlement for all POS transactions must be done to the merchant account on T + 1 basis, where T is the date the transaction is performed. "

http://www.cenbank.org/cashless/POS_GUIDELINES_August2011_FINAL_FINAL%20(2).pdf

If your answer is no, then ur premise does not hold water. POS transactions are not settlement immediately, even when your account is debited by the acquiring bank when a transaction is consummated. The merchant's account will only be credit a day after the transaction. So the robbers will not have access to the funds instantly. And I can still call my bank to decline the fraudulent transaction.

Rexphobia:
Dear banker, Has this changed? "The settlement for all POS transactions must be done to the merchant account on T + 1 basis, where T is the date the transaction is performed. "

http://www.cenbank.org/cashless/POS_GUIDELINES_August2011_FINAL_FINAL%20(2).pdf

If your answer is no, then ur premise does not hold water. POS transactions are not settlement immediately, even when your account is debited by the acquiring bank when a transaction is consummated. The merchant's account will only be credit a day after the transaction. So the robbers will not have access to the funds instantly. And I can still call my bank to decline the fraudulent transaction.

Mr, and how many days are in the holiday?

You can't call your bank to stop an "approved" transaction. You can only write for a refund which will take a process and not during the holiday. I have handled POS refunds hands on not copied from cbn site. Lolzz

Admit it when u goof. Your first statement which I replied read
"2. So your friend could not contact his bank to have his card blocked and account frozen immediately the robbers left?"

Blocking his card and freezing his account which money left from is irrelevant in recovering the lost money. It can only protect money left in the account.

So my point is the OP's incidence can happen, the only thing it's not sustainable esp when there are no long hols like we just had.

excellentmomma:
Mr, and how many days are in the holiday?

You can't call your bank to stop an "approved" transaction. You can only write for a refund which will take a process and not during the holiday. I have handled POS refunds hands on not copied from cbn site. Lolzz

Admit it when u goof. Your first statement which I replied read
"2. So your friend could not contact his bank to have his card blocked and account frozen immediately the robbers left?"

Blocking his card and freezing his account which money left from is irrelevant in recovering the lost money. It can only protect money left in the account.

So my point is the OP's incidence can happen, the only thing it's not sustainable esp when there are no long hols like we just had.

You are getting this wrong? It's not a competition...There is no prize to be won....

My humble submission is based on what the OP said;

They visited them with POS machines and moved from flat to flat, demanding you make transactions into their account at gunpoint. Once the transaction pulls through, they take your cards, record your pin and they are off to the next flat.

So they only confirmed the PIN and did not drain the account at a go. Correct?

In this way, they drained virtually all the cash in his 3 accounts over the weekend.

This also corroborates the assumption that the transactions on POS happened severally over the weekend and not once.

Can you clearly see the basis why I advised that the account should have been frozen or card blocked.


Approved transaction cannot be stopped? So I thought.


I once innocently paid cash into a fraudster's account and he withdrew it instantly. But I got my money paid, can you imagine?

Please let's put this to rest already or maybe not...

Psylas:
God does not secure anyone

If you don't believe in God and You are an ATHEIST... That does not affect me as a friend... So far you don't over-push it. You can talk about your believe to me but remember i have my rights and you can't force me to accept it.

Petroking:
If you don't believe in God and You are an ATHEIST... That does not affect me as a friend... So far you don't over-push it. You can talk about your believe to me but remember i have my rights and you can't force me to accept it.

And I have the same rights

The biggest "cocktail and bullshit" lie I've heard in a long while. With all bank info at the disposal of the police.......... Easy jail awaits them