WARNING : Beware of this latest POS Scam.

If you generally pay with POS instead of cash when you make a purchase, you need to read this.

 Scammers are getting sophisticated day by day and they are desperate to do anything to scam you of your hard-earned money.

A business analyst, @oderathekid has brought to the notice of the populace the latest POS scam that many are unaware of it.

According to him, "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 will remove your card without letting it print out a receipt, hence, the POS will revert to DECLINED."

" If you complain they will tell you to contact your bank, that they will reverse the payment. Because that's the general expectations, 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"

"The third one is the straw that breaks 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 reverse cant 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"

Kindly take note so you won't be scam of your hard-earned money this year via POS scam.

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