Central Bank of Nigeria’s (CBN) Cashless Policy seems to be taking effect as we have seen the introduction of ATMs and POS systems in our Banks, Stores and a lot of E-payment options on and offline in recent times. This indeed makes life more easier for everyone. But i have the scariest reason to not got crazy about the whole “cashless policy” idea just yet; taking into cognizance, the loop holes with security experts within the country. Dont get me wrong, am optimistic things will get better and am indeed loving it but it is good practice to know how a working system runs, how it runs, the processes involved and how effective it can be when disaster strikes. Now, being an open source advocate and a Linux user, i know for certain that Windows is the default OS used by Nigerian Banks, Windows Server at best. No disrespect but Windows XP just past its end of support lifetime and its predecessors are by no means more secure. Why leave my details online when hosted on such platforms? SSL Certificates and other security means will mean little on a porous network infrastructure. So here are my doubts.

1. Windows OS not good enough

2. IT Personnel’s employed by most Banks are not security consious

3. Most of the processes involved require 3rd Party participation

4. Applications/Software are not unique to our Banks

5. Most of our Banks are subsidiaries of Foreign Banks so verification processes sends out details beyond the shores of the country. If not, prove it.

By http://gtbensmag.com