THE Economic and Financial Crimes Commission (EFCC) says it would start a clampdown on the fraudulent use of Point Of Sale (POS) machines in the country.

A statement issued in Abuja on Thursday by the acting Head of Media and Publicity at the EFCC, Tony Orilade said EFCC Chairman, Ibrahim Magu has asked banks across the country to to ensure proper monitoring and strict compliance by those to whom they issue POS machines.

Magu spoke through the Makurdi Zonal Head of  EFCC Johnson Babalola, in an interactive session with Regional Bank Managers in Makurdi, Benue State.

“We are having serious challenges with the banks giving POS machines to individuals with questionable characters and without proper documentation,” he said.

He pointed out that there was a need for some of the POS machines to be withdrawn from such individuals.

Magu also warned banks to adhere strictly to the Post-No-Debit (temporary freezing of account) order placed on banks found to be involved in suspicious transactions. “Default will not be tolerated,” he said.

He noted that it was unfortunate that some staff of banks were in the habit of giving prior notice to customers whose accounts were being placed on Post-No-Debit, thus “aiding and abetting crime and obstruction of justice, instead of assisting the Commission as stipulated by law”.

The EFCC chairman further urged the banks to “respond on time to the letters of investigations sent to them by the Commission”, stressing that prompt response will help speedy dispensation of cases.

“You need to always report any suspicious transactions as required by law,” he added.