WITH the seeming daily increase in the number of Automatic Teller Machines (ATM) related frauds currently rocking the banking industry, the Central Bank of Nigeria (CBN) may formally compel banks to install Close Circuit Television (CCTV) cameras at all ATM points.

The CBN also wants banks to resolve all ATM-related frauds or complaints by customers to be resolved within 72 hours.

The CBN, Awka Branch Controller, Mr. Azubuike Okolo, disclosed that efforts were on to adequately contain and minimize all reported or observed ATM frauds within the system.

According to Okolo, in a paper, ATM: Regulatory Framework, Obligations and Challenges to Banks and Customers and the Rights of Consumers, presented at a seminar organised by the South East Zonal office of the Consumer Protection Council (CPC) in commemoration of World's Consumer Rights Day in Awka, "ATM use has been very beneficial to the economy. It has improved the banks' services, helped the customers and has improved the people's quality of life."

Okolo said the machines should be properly managed to avoid the current outcry by customers whose hard-earned cash have been lost through frauds by scammers, who manipulated ATM records.

Okolo noted that certain requirements and records need be available for a complaint to be easily and successfully prosecuted.

He frowned at the 24 banks in the state over what he described as their poor conduct towards meetings and professional gatherings where common problems in the industry are usually discussed.

At the seminar, only the United Bank for Africa Plc and the Oceanic Bank Plc sent in junior officers to such a high-caliber meeting whereas at other such meetings, the banks show lasse-faire attitude to the chargrin of other stakeholders including security agencies.

Zonal Coordinator of CPC, Mr. Tam Tamvnokonbia, said the council was alarmed at the high level of ATM frauds in the country.

He pointed out a case where a record N1.8m was withdrawn fraudulently from a bank customer's account through the use of ATM records. He, therefore, appealed to banks to install and activate custom-made cameras in-built in the ATMs within the next six months.

He stated that the council would tour the banks headquarters before it commences the sealing of cash dispensing machines without active camera

Participants suggested pegging daily withdrawals to just N25,000 as well as establishing alert system that would trigger off once any thing untoward is detected in a customers account.

Thank God for those involved in ATM fraud. They are only jobless dat's why they hav time for such stuffs. Instead of all this, why not they go into online biz and earn money honourably?

and how is the installation of cameras going to deter the thieves? Lets be logical. This aint gon work. The technology aint that sophisticated,