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CBN Inaugurates New Committee to Tackle Electronic Money Fraud

By on February 13, 2012

In order to mitigate the flow of electronic fraud forecasted to follow the introduction of Cashless Nigeria, the Central Bank of Nigeria (CBN) has inaugurated a new committee baptized the Automated Teller Machine Fraud Prevention Committee.

The Committee comprising of the Economic and Financial Crimes Commission (EFCC), Interswitch, Valucard, National Identity Management Commission (NIMC), and Nigerian banks is saddled with the responsibility to address the risks associated with e-payment channels in the country.

According to a statement from the Banker’s Committee released over the weekend and heralding the benefits of increased electronic security, “All Nigerian banks have migrated their cards to chip and PIN technology, which is more secure and has drastically reduced the fraud level in the industry. In terms of security of platforms, ATM fraud was prevalent when Nigeria was using magnetic stripe cards. But last year, Nigeria migrated, all their cards to chip and PIN, which is more secured, and drastically reduced the fraud level. With chip and PIN, the chances of fraud are reduced provided a customer keeps his PIN secret.”

The committee also stated that the CBN was working closely with the Nigerian Communications Commission (NCC) in order to ensure that there is enough communication infrastructure to ensure that mobile money subscribers and POS terminal users would be protected from security breaches such as mobile phone theft. For instance a mobile money subscriber’s money would be immune from a mobile phone thief who would have no access to the account information of the victim.

Also, in order to ensure quality of service, the CBN has ordered that all ATM technical issues should be resolved within 72 hours of identification.

  • Anonymous

    DONT PUT PEOPLE THAT WILL BE AN AGENT TO BLIND SPOT TOP GOVERNMENT PERSONNELS TRANSACTIONS .

    THAT IS WHERE  THE CORRUPTION PROBLEM  COMES IN .