Must Read: Don’t be a Victim of This New POS Scam Going on

The year began with all manner of dramas including scamming innocent Nigerians of their hard-earned money. A Nigerian business analyst has done well to call the attention of the public to a new POS scam that many are blindly falling victim to.

Read it before you fall, victim, because these days, most people pay with POS than with physical cash even in stores and supermarkets.

POS Scam


“So there’s a POS scam going on (not sure it’s new) with some vendors. You finish your purchase and present your ATM card for payment. Once it shows APPROVED, they’ll remove your card without letting it print out a receipt, hence, the POS will revert to DECLINED. If you complain, they’ll tell you to contact your bank, that they’ll reverse the payment. Because that’s the general expectation, anyone nearby (even other customers) will join them in saying the same thing.”

“Once you fall for that scam and pay again, your money is gone. The bank/merchant will reverse the money, but not to your account. It goes to the vendor’s account. You’ll just waste your time going back and forth between your bank and the vendor. This has happened to me 3 times. The first 2 times, I didn’t bother because the money wasn’t material.”

This third one is the straw that’ll break the camel’s back. According to my bank, the merchant refused to refund me because they claim to have already reversed the money. Since the reversal can’t be traced to my account, my bank is following up to find a solution. So, to recap, if your transaction shows DECLINED and debits you, your money will be reversed to your account. If it 1st shows ‘Approved’ then ‘Declined’, the money will be reversed to the vendor’s account.”

“You won’t get your money back without a fight. Be guided. As @oderathekid advised, when you’re done putting your pin, hold the POS until it shows you approved and prints the first receipt. When you put your pin and they immediately ask you to give them the POS, don’t listen to them. Protect your money.”

Please be guided, don’t fall victim to this POS scam this year.

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14 thoughts on “Must Read: Don’t be a Victim of This New POS Scam Going on”

    • I av a complain , I av deposited money since on Tuesday last week and it showed approve , up till now av not seen d money in my account , I even wen to tak my statement of account , d money is no there. Pls what should I do ???

  1. Boss u are giving out wrong information here. As a merchant, if ur transaction is not approved, i will not pay u coz most of unsuccessful transactions don’t come to our account,.
    Again wen banks give pos to a merchant, de will even advise you not to pay declined transactions coz customers will get their money back within 14 working days. Some banks don’t have resources to work on POS CLAIMS of their Customers. In every 1 to 5min.nibbs experience failure in transactions more than 10,000 Transactions. Go to their site nd check. Me i disagree with the particular Post. Very misleading. Tnk u Boss

  2. Pls oo I did a transfer transaction at POS I got debited but he didn’t got credited but now I’ve misplaced my declined receipt I don’t know if I can still go to the bank to issue a statement of account without the declined receipt

  3. A very good post!
    Pls help! I made a transfer of 85,800 via POS last two weeks but it showed pending and the person I sent it to have not received the money till now. I have gone to complain at the bank anyway but still waiting for a revearsal. Please, I hope the money wont be reversed to the POS merchant’s account.
    Also, I did another transaction that same day using another POS. I sent 20k to someone. It showed approved on the receipt but the person I sent it to has not received it. Pls is it possible the money went back to the POS merchant or the person I sent it to should go to bank to complain. Thank you.

    • Please go back to the POS machant. it will be reversed so long it shows pending. It’s not suppose to show Pending. Please go back to the POS Merchant let him trace the transaction again.


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