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Nairaland Forum / Nairaland / General / Business / CBN Orders Banks To Pay For ATM Fraud (482 Views)
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CBN Orders Banks To Pay For ATM Fraud by yomalex(m): 8:36am On Jan 20, 2015 |
The CBN, in a circular to the Deposit Money Banks on Monday, said from February 1, 2015, the banks must stop the payment/ATM cards from working in non-Europay, MasterCard and Visa countries. The new directive also ensures that the cards are only activated when customers are travelling abroad and only for the period of the travel. The circular was signed by the CBN Director, Banking and Payment System, Mr. Dipo Fatokun, “The occurrence of card present fraud in non-EMV environments is on the increase, especially when international hybrid cards issued by Nigerian banks are used in non-EMV environments like the USA. “It has therefore, become necessary for the CBN to issue the following directives’ all DMBs should do the following: collate all their card frauds abroad and send to the CBN not later than January 30, 2015; subsequently, all data on card frauds occurring abroad should be rendered on the NIBSS fraud portal; http://www.tipsdome.com/cbn-orders-banks-to-pay-for-atm-fraud/ |
Re: CBN Orders Banks To Pay For ATM Fraud by Nutase: 9:15am On Jan 20, 2015 |
This is long overdue. |
Re: CBN Orders Banks To Pay For ATM Fraud by signature2012(m): 9:18am On Jan 20, 2015 |
Very good initiative. |
Re: CBN Orders Banks To Pay For ATM Fraud by ammyluv2002(f): 9:53am On Jan 20, 2015 |
Weldone oga CBN |
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