Superjazz:
You can't blame the banks when you are robbed you report to the bank the bank trace the account into which the frivolent transaction took place and you find a way of tracking the suspect with police help.but Nigeria police and lack of commitment na 5 and 6

yinchar:
This is a no brainer issue that requires a simple fix.

All funds paid or transferred to a POS linked account should be made unavailable or kept in lien for 3 working days, will only be cleared for withdrawal or transfer after 3 working days.

That’s how’s it done in some advanced countries, even in some countries it 7 working days, some 1 month.

I don’t know why simple things are so difficult in our country.

achymmania:
who told you banks don’t give out pos He be like say you dey new to Nigeria Banking system.

achymmania:
who told you banks don’t give out pos He be like say you dey new to Nigeria Banking system.

nairavsdollars:
na so. every dick, tom and harry have access to ATM. even police on checkpoints

bigtt76:
It would be a bit difficult because the POS does not initiate network connection before confirming your pin and so no way for the bank to know.

It is only after the pin has been confirmed that the POS makes a network call first to the POS service provider for transaction validation. They then post the request to their 'middleman' bank (acquirer bank) who now contacts the card scheme owners (Mastercard/Visa or Verve) to debit card owner. The card scheme operator then contacts your bank to pass on the debit.

easzypeaszy:
its easier fr bank to gv u loan Dan POS... But fintech can gv u loan within somtims

yinchar:
This is a no brainer issue that requires a simple fix.

All funds paid or transferred to a POS linked account should be made unavailable or kept in lien for 3 working days, will only be cleared for withdrawal or transfer after 3 working days.

That’s how’s it done in some advanced countries, even in some countries it 7 working days, some 1 month.

I don’t know why simple things are so difficult in our country.

easzypeaszy:
Dey don't have sense... Banks don't gv POS to anybody..
Blame OPO and PAGA dat gives POS to anybdy on d street

bibiking7:








I once heard of a guy that was robbed and his ATM card was collected along with his pin. Those thieves went on to rob other people but rather than collect any other ATM card, they just made other victims transfer into the first victims account.
So any attempt to trace the transaction will lead to the first victim.

ayobamiakinrind:



Stop misleading people, I don't know what led to the situation in that pix but that's a PVC reader, not P.O.s machine.

Taye4j:


What you wrote is not feasible, legally speaking, it is not correct to withhold people's funds for some days without any legal order from the court.. Try that in Nigeria and you will spend your days in court.

Moreso, for those who are into agency banking, which I believe we have a good number of youths in our society engaged in it. They use the funds in their accounts for their day to day transactions . Placing a lien on such accounts will put a strain on their economic activity.

Proper tracking of those fraudulent POS transactions can be done by getting relevant information on such accounts from the bank by the police.

Enyimbamercedes:
As a business owner, if you need a POS, banks will be asking for all sorts of requirements but Armed robbers will be using pos!!!

How is it not possible to track the funds to the account that the POS is linked to

Bank staff are complicit in this

EzzyCarter:


Lol. Brilliant question. I have no idea

yinchar:
This is a no brainer issue that requires a simple fix.

All funds paid or transferred to a POS linked account should be made unavailable or kept in lien for 3 working days, will only be cleared for withdrawal or transfer after 3 working days.

That’s how’s it done in some advanced countries, even in some countries it 7 working days, some 1 month.

I don’t know why simple things are so difficult in our country.

nairavsdollars:


https://www.independent.ng/banks-get-knocks-over-use-of-pos-terminal-by-robbers/

bigtt76:
It would be a bit difficult because the POS does not initiate network connection before confirming your pin and so no way for the bank to know.

It is only after the pin has been confirmed that the POS makes a network call first to the POS service provider for transaction validation. They then post the request to their 'middleman' bank (acquirer bank) who now contacts the card scheme owners (Mastercard/Visa or Verve) to debit card owner. The card scheme operator then contacts your bank to pass on the debit.

Cholls:
my brother stop acting intelligent in ignorance. Read the write-up.

excerpt:

" The process is usually the same. The robbers break into
a house at night or any time of the day. And with
guns held to their heads, victims are ordered to
furnish their ATM cards as well as disclose their pin
numbers, which are then confirmed with a PoS device
before the cards are taken away. The robbers then
proceed to withdraw as much cash as possible before
daybreak when the incident is reported and cash with­
drawal stopped."

Validated:
I think most respondents missed the point. The robbers use POS machine for pin confirmation. Banks should move a step further by ensuring that ATM are:
1. Made inaccesible from dusk to dawn
2. Withdrawals during such times should require authetication token obtainable by biometric means. Most ATMs have finger print recognition botton but our laziness does no make us activate it.
3. POS should be made to store data about any card slotted for which a PIN was entered
4. Commercial Banks and Other POS issuers should require holders to submit electronic activities reports on monthly basis failing which such machines are blocked
5. The Police should rise to the occasion. This is the simplest case to crack.

nairavsdollars:
how did POS even get into the hands of armed robbers?

yinchar:
This is a no brainer issue that requires a simple fix.

All funds paid or transferred to a POS linked account should be made unavailable or kept in lien for 3 working days, will only be cleared for withdrawal or transfer after 3 working days.

That’s how’s it done in some advanced countries, even in some countries it 7 working days, some 1 month.

I don’t know why simple things are so difficult in our country.

easzypeaszy:
Dey don't have sense... Banks don't gv POS to anybody..
Blame OPO and PAGA dat gives POS to anybdy on d street

nwannemous:
. They don't Rob with the POS, they only use it to confirm that you gave them your correct pin number. They will proceed to any nearest ATM machine to withdraw.