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Seven things to avoid while withdrawing money from POS agent


Beauty Osaze

In Nigeria, POS machines have become the go-to for banking transactions, overshadowing traditional banking methods, making it crucial to prioritise the security of financial transactions.

A POS machine is a portable electronic device used to facilitate transactions such as withdrawing and depositing money.

Operating akin to a miniature bank terminal, these devices connect to banking networks to process transactions securely.

Now, when it comes to financial transactions, especially when withdrawing cash from a point-of-sale (POS) agent, it’s crucial to be aware of the potential risks and take steps to mitigate them.

The convenience of these services is undeniable, but it’s equally important to ensure that your money and personal information remain secure.

To help you navigate this process safely, here are five things to avoid while withdrawing money from a POS agent:

Avoid distractions
Stay focused on the transaction and don’t allow yourself to be distracted by your surroundings or other people.

Don’t disclose your PIN or neglect card security
Avoid sharing sensitive information, like your PIN or account details, with anyone, including the POS agent. Your PIN should always be kept confidential. Also, keep your card secure at all times and never lend it to anyone. Additionally, regularly check your card statement for any unauthorised transactions and report them promptly.

Don’t withdraw in isolated or unsecured locations

Choose POS terminals in well-lit, secure areas.

Don’t ignore transaction receipts
Don’t forget to collect your transaction receipt after completing the withdrawal. This document serves as proof of the transaction and can be useful for verifying your account activity.

Using Unsecured Networks
Refrain from conducting transactions over unsecured Wi-Fi networks or public hotspots. Use your cellular data or a trusted network to prevent unauthorised access to your financial data.

Overlooking Suspicious Activity
If you notice any suspicious behaviour or irregularities during the transaction, such as tampered equipment or unfamiliar charges, refrain from proceeding and report it to the relevant authorities or your bank immediately.

Ignoring Transaction Alerts
Set up transaction alerts on your mobile banking app or through SMS notifications. This helps you stay informed about any unauthorised transactions and take immediate action if necessary.