How to beat transaction trace in Nigeria

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Looking for how to beat transaction trace in Nigeria? Learn how to withdraw money without trace, new money laundering technique. You have found it! In recent years the Nigerian banking sector introduced the use of POS as alternative method of people making withdrawals without going to bank ATM machines and in the other hand using the POS to extort poor massive Nigerians by always frustrating them not getting cash from the bank ATM machines most times they attempt to withdraw money,

Best Way Of How To Beat Transaction Trace In Nigeria Without Risk

Amazing Tip On How To Beat Transaction Trace In Nigeria

After Reading This Article You Will Learn How To Beat Transaction Trace In Nigeria And Things You Need Yo Know About ATM Card And ATM Machines
Remember Nigerian banking system is whack! Now back to business! The reason why “How to beat transaction trace in Nigeria” is possible is because the Nigerian banks are not putting sufficient money in the machines and this is the reason in most cases customers fail to get cash from the machines and this will force them to go and make use of the POS outlets,

How To Beat Transaction Trace In Nigeria

These banks are working with the POS agents and they’re making billions from this that is why POS outlets are everywhere in Nigeria and it has become a normal thing, no one has ever come out to complain of lack of loading of money into ATM machines because Nigerians are used to suffering. Now to cut the story short, most of the POS transactions can’t be traced by these banks and it has given internet fraudsters and local criminals upper hand to operate now using the POS outlets to take out cash because when this happens to you bank will not be able to trace the transaction, Now this is a way scammers use to launder money across the Nigerian states without being traced by banks. The reason for POS is for businesses to use it and accept payments but Nigeria has turned it to something to use as an exchange or transaction equipment,

Wondering What POS Is?

POS means Point of sale, A point of sale (POS) is a place where a customer executes the payment for goods or services and where sales taxes may become payable. A POS transaction may occur in person or online, with receipts generated either in print or electronically. Cloud-based POS systems are becoming increasingly popular among merchants. They used not the cloud based POS (point of sales) and Nigerian banking sector is aiding abuse of this gadget. This post is not made to teach people how to do fraud or how to perform money laundering successfully but to also let you know that if you don’t guard your ATM card

What Does ATM stands for?

An ATM, which stands for automated teller machine, is a specialized computer that makes it convenient to manage a bank account holder’s funds.

ATM Card

An ATM card is a payment card or dedicated payment card issued by a financial institution (example:- a bank) which enables a customer to access their financial accounts via it’s and others’ automated teller machines (ATMs) and to make approved point of purchase retail transactions (example:- gas stations, grocery, hardware, department stores, etc.) ATM cards are not credit cards or debit cards. How to beat transaction trace in Nigeria ATM cards are payment card size and style plastic cards with a magnetic stripe and/or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Other payment cards, such as debit cards and credit cards can also function as ATM cards. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a point of sale transaction, usually attracting interest charges from the date of the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators and financial institutions other than those of the institution that issued the cards. ATM cards can also be used on improvised ATMs such as “mini ATMs”, merchants’ card terminals that deliver ATM features without any cash drawer. These terminals can also be used as cashless scrip ATMs by cashing the receipts they issue at the merchant’s point of sale. The first ATM cards were issued in 1967 by Barclays in London.

Dimensions (Size of ATM card)

The size of ATM cards is 85.60 mm × 53.98 mm (3.370 in × 2.125 in) and rounded corners with a radius of 2.88–3.48 mm, in accordance with ISO/IEC 7810#ID-1, the same size as other payment cards, such as credit, debit and other cards. They also have a printed or embossed bank card number conforming with the ISO/IEC 7812 numbering standard.

ATM Uses

All ATMs, at a minimum, will permit cash withdrawals of customers of the machine’s owner (if a bank-operated machine) and for cards that are affiliated with any ATM network the machine is also affiliated. They will report the amount of the withdrawal and any fees charged by the machine on the receipt. Most banks and credit unions will permit routine account-related banking transactions at the bank’s own ATM, including deposits, checking the balance of an account, and transferring money between accounts. Some ATM cards can also be used at a branch, as identification for in-person transactions. The use of the ATM card for in store purchases or refunds is allowed only with pre-approved retailers, but not for on-line transactions. For other types of transactions through telephone or online banking, this may be performed with an ATM card without in-person authentication. This includes account balance inquiries, electronic bill payments, or in some limited cases, online purchases.

ATM Card networks

ATM cards operate through specific networks. Interlink is just one example of the many ATM networks. Canada’s Interac and Mastercard’s Maestro are examples of networks that link bank accounts with point-of-sale equipment. Some debit card networks also started their lives as ATM card networks before evolving into full-fledged debit card networks such as STAR (Interbank Network), and others such as: Development Bank of Singapore (DBS)’s Network for Electronic Transfers (NETS) and Bank Central Asia (BCA)’s Debit BCA, both of them were later on adopted by other banks (with Prima Debit being the Prima interbank network version of Debit BCA).

ATM Card Misuse

Due to increased illegal copies of cards with a magnetic stripe, the European Payments Council established a Card Fraud Prevention Task Force in 2003 that spawned a commitment to migrate all ATMs and POS applications to use a chip-and-PIN solution by the end of 2010. The “SEPA for Cards” has completely removed the magnetic stripe requirement from Maestro debit cards.

Types Of Cards?

  • Payment Card
  • Credit Card
  • Debit Card

Facts You Need To Know About ATM Card

Do you know that Nowadays, even children can keep atm cards as some banks like Kotak Mahindra give atm cards to children as well.”Permata Mini ATM” Archived 2012-04-14 at the Wayback Machine? Automated Teller Machine (ATM)

What Is an Automated Teller Machine (ATM)?

An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs. ATMs are convenient, allowing consumers to perform quick self-service transactions such as deposits, cash withdrawals, bill payments, and transfers between accounts. Fees are commonly charged for cash withdrawals by the bank where the account is located, by the operator of the ATM, or by both. Some or all of these fees can be avoided by using an ATM operated directly by the bank that holds the account. ATMs are known in different parts of the world as automated bank machines (ABM) or cash machines.

Key Points:-

  • Automated teller machines (ATMs) are electronic banking outlets that allow people to complete transactions without going into a branch of their bank.
  • Some ATMs are simple cash dispensers while others allow a variety of transactions such as check deposits, balance transfers, and bill payments.
  • The first ATMs appeared in the mid- to late-1960s and have grown in number to over 2 million worldwide.
  • Today’s ATMs are technological marvels, many capable of accepting deposits as well as several other banking services.
  • To keep ATM fees down, use an ATM branded by your own bank as often as possible.

Understanding Automated Teller Machines (ATMs)

The first ATM appeared at a branch of Barclay’s Bank in London in 1967, though there are reports of a cash dispenser in use in Japan in the mid-1960s. The interbank communications networks that allowed a consumer to use one bank’s card at another bank’s ATM came later, in the 1970s. Within a few years, ATMs had spread around the globe, securing a presence in every major country. They now can be found even in tiny island nations such as Kiribati and the Federated States of Micronesia.
There are now over 2.3 million ATMs in use across the world.

Types of ATMs

There are two primary types of ATMs. Basic units only allow customers to withdraw cash and receive updated account balances. The more complex machines accept deposits, facilitate line-of-credit payments and transfers, and access account information. To access the advanced features of the complex units, a user often must be an account holder at the bank that operates the machine. Analysts anticipate ATMs will become even more popular and forecast an increase in the number of ATM withdrawals. ATMs of the future are likely to be full-service terminals instead of or in addition to traditional bank tellers.
Cryptocurrency enthusiasts can now buy and sell Bitcoin and other crypto tokens via Bitcoin ATMs, internet-connected terminals that will dispense cash in return for crypto or accept cash or credit card to purchase. There are now nearly 10,000 Bitcoin ATMs located throughout the world. It’s now easier than using an exchange platform. You can checkout legit cryptocurrency exchanges here 

ATM Design Elements

Although the design of each ATM is different, they all contain the same basic parts: Card reader: This part reads the chip on the front of the card or the magnetic stripe on the back of the card. Keypad: The keypad is used by the customer to input information, including personal identification number (PIN), the type of transaction required, and the amount of the transaction. Cash dispenser: Bills are dispensed through a slot in the machine, which is connected to a safe at the bottom of the machine. Printer: If required, consumers can request receipts that are printed here. The receipt records the type of transaction, the amount, and the account balance. Screen: The ATM issues prompts that guide the consumer through the process of executing the transaction. Information is also transmitted on the screen, such as account information and balances. Full-service machines now often have slots for depositing paper checks or cash.

Special Considerations: Using ATMs

Banks place ATMs inside and outside of their branches. Other ATMs are located in high-traffic areas such as shopping centers, grocery stores, convenience stores, airports, bus and railway stations, gas stations, casinos, restaurants, and other locations. Most ATMs that are found in banks are multi-functional, while others that are offsite tend to be primarily or entirely designed for cash withdrawals. ATMs require consumers to use a plastic card -either a bank debit card or a credit card- to complete a transaction. Consumers are authenticated by a PIN before any transaction can be made.
The average amount of cash withdrawn from an ATM per transaction? $50-$60 depending on your bank.

ATM Fees

Account-holders can use their bank’s ATMs at no charge, but accessing funds through a unit owned by a competing bank usually incurs a fee. According to MoneyRates.com, the average total fees to withdraw cash from an out-of-network ATM was $4.55 as of 2021. Some banks will reimburse their customers for the fee, especially if there is no corresponding ATM available in the area. So, if you’re one of those people who draws weekly spending money from an ATM, using the wrong machine could cost you nearly $240 a year.

ATM Ownership

In many cases, banks and credit unions own ATMs. However, individuals and businesses may also buy or lease ATMs on their own or through an ATM franchise. When individuals or small businesses, such as restaurants or gas stations own ATMs, the profit model is based on charging fees to the machine’s users. Banks also own ATMs with this intent. They use the convenience of an ATM to attract clients. ATMs also take some of the customer service burdens from bank tellers, saving banks money in payroll costs.

Using ATMs Abroad

ATMs make it simple for travelers to access their checking or savings accounts from almost anywhere in the world. Travel experts advise consumers to use foreign ATMs as a source of cash abroad, as they generally receive a more favorable exchange rate than they would at most currency exchange offices. However, the account holder’s bank may charge a transaction fee or a percentage of the amount exchanged. Most ATMs do not list the exchange rate on the receipt, making it difficult to track spending.

How Much Can You Withdraw From an ATM?

The amount that you can withdraw from an ATM per day, per week, or per month will vary based on your bank and account status at that bank. For most account holders, for instance, Capital One imposes a $1,000 daily ATM withdrawal limit and Well Fargo just $300.8 You may be able to get around these limits by calling your bank to request permission or upgrading your banking status by depositing more funds.

How Do You Make a Deposit at an ATM?

If you are a bank’s customer you may be able to deposit cash or checks via one of their ATMs. To do this, you may simply need to insert the checks or cash directly into the machine. Other machines may require you to fill out a deposit slip and put the money into an envelope before inserting it into the machine. For a check, be sure to endorse the back of your check and also note “for deposit only” to be safe.

Which Bank Installed the First ATM Machine in the United States?

The first ATM in the U.S. was installed by Chemical Bank in Rockville Center (Long Island), NY in 1969 (2 years after Barclays installed the first ATM in the U.K.). By the end of 1971, more than 1,000 ATMs were installed worldwide. Hope you learnt alot in this article? If this article is helpful please share How to beat transaction trace in Nigeria.

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