Mr. Bamidele Delight, an engineer, was relaxing in his
living room around 10pm on October 19, 2014, when he
started receiving a series of debit alerts on his telephone.
Delight, who had never travelled out of the country, was
later told by his bank that somebody far away in
Houston, the United States, was using a debit card to
withdraw dollars from his account.
A total of N149,000 was withdrawn from his account
that night by an unknown person in the USA. The bank
has since launched an investigation into the card fraud
case.
There is a story of another bank customer, Mrs. Enitan
Bankole who also received a number of debit alerts on a
day she never made any withdrawal from her bank
account. Before she could call the customer care
department of her bank to launch a complaint, a total of
N120,000 had been withdrawn from her account with a
debit card by unknown person in Atlanta, the USA. Her
bank commenced an investigation into the matter but the
case is still pending.
Another customer, Mr. Shola Adeleke, suddenly
discovered a total of N150,000 had been withdrawn from
his bank account. He rushed to his bank and was told
that an unknown person had used a cloned debit card to
withdraw the money from his account in Chicago. Adeleke
threatened a court action. The bank officials were said to
have quietly reimbursed him.
Having realised the benefits of a cashless society as in
advanced economies, the Central Bank of Nigeria
recently launched programmes such as financial inclusion,
cashless Nigeria and biometric registration of all bank
customers.
Experts have noted the cashless Nigeria project rolled out
by the CBN has in the last three and a half years made
some giant strides.
According to them, modern ways of paying for goods and
services, which were hitherto impossible, have now
become a reality today.
Citizens now go to shopping malls, eateries and
supermarkets with only their payment cards in their
pockets. This is a card revolution in a country where cash
was the only means of payment five years ago.
Unofficial figures from MasterCard, Visa and other
payment companies show that there are about 35 million
to 40 million debit cards currently in circulation in the
country, all issued by Nigerian banks.
The scope of the cards has gone beyond the nation’s
borders as the ATM cards are now being used overseas to
make payment for goods and services.
The era of Nigerians shopping overseas with large cash or
foreign payment cards is fast fading away.
However, there are mounting fears that the ATM
fraudsters may scuttle the process and erode the gains
recorded in the cashless policy especially in the area of
electronic payment.
This, according to experts, may derail the efforts of the
government to push Nigeria towards a cashless economy.
In June this year, a Lagos-based journalist had discovered
that her token, which she often used for online banking
transactions, was no longer working. After a few weeks,
she reported the matter at one of the branches of her
bank. She was asked to fill a form, which she did.
The following day, someone who claimed to be an
employee of the bank called and told her that the bank
was working on her request and that she needed to
provide some details on her account, including her
password, which was no longer working. She obliged and
the call ended.
A few minutes later, she got two alerts that funds had
been transferred from her account to two accounts in
different banks. A total of N279,000 in her account
was transferred to those accounts. The journalist
returned to the bank to lodge the complaint and the
lender referred her case to its Fraud and Investigation
Unit. The matter is still being investigated and she has
yet to get any refund and neither have the fraudsters
been apprehended.
Investigations by our correspondent revealed that many
banks had been silently reimbursing customers that are
coming with cases of unknown persons using cloned debit
cards to withdraw money from their accounts.
Some banks said they had discovered that almost all the
customers involved had their money withdrawn by
unknown persons from the ATM in the US cities.
At a special meeting on electronic fraud recently
organised by Access Bank Plc at its head office in Lagos,
several bank officials complained of being tired of using
customer funds to reimburse other customers with cases
of cloned debit cards.
“How long are we going to keep using customers’ deposits
to settle other customers with cases of cloned cards?” a
bank official queried.
The Director, Banking and Payment System of the
CBN, Mr. Dipo Fatokun, who was represented by a
deputy director at the bank at the event, said that banks
had to put in measures to strengthen their internal
controls, adding that card fraudsters were out to rip bank
and their customers of millions of naira if care was not
taken.
He said, “From the findings we did at the CBN, we
discovered that most of these cloned cards were used in
Atlanta USA. We found out that Nigerian ATM cards
were being cloned and used in the US, especially in
Atlanta. In fact, we discovered that the machine they use
in cloning this card can be bought in Ikeja for few
thousands of naira.”
He added, “We really need to strengthen our internal
controls as banks. I know of a bank that tells their
customers to inform them whenever they are travelling
out of the country. Otherwise, once they notice any
withdrawal from outside the country, they will quickly
block it. That is commendable.”
Experts believe electronic payment platforms provide a
cost-effective way to improve financial inclusion in
Nigeria and Africa in general.
Nigerian banks, for example, working with the Nigeria
Interbank Settlement Scheme, have commenced a
consumer awareness campaign on the benefits of
electronic payment platforms, with the aim of increasing
their acceptance.
The Managing Director, Ecobank Nigeria, Mr. Jibril
Aku, said, “In Nigeria, increased urbanisation, a growing
labour force and the rise of online shopping are fuelling
demand for more convenient payments.
“Using electronic payments to penetrate the country’s
unbanked population of nearly 80 million also represents
a market with huge, untapped potential.”
Aku said this when Ecobank and MasterCard signed an
agreement for the issuance of debit cards to the bank’s
customers in Nigeria. The deal would see MasterCard
deploy its payment solutions in 28 sub-Saharan African
nations.
The Division President, sub-Saharan Africa,
MasterCard, Daniel Monehin, said, “We envisage a world
beyond cash in Nigeria and Africa, where consumers can
enjoy the security, efficiency and convenience of electronic
payments. Our vision can only become a reality through
collaborations with key industry stakeholders, such as the
Ecobank Group. Working together with governments,
financial institutions, merchants and businesses, we will be
able to help modernise the payment industry in Africa.”
The collaboration came at a time MasterCard was
working in partnership with governments and financial
institutions around the world to broaden usage and
acceptance of electronic payments, promoting their
benefits relative to cash transactions.
Today, over 85 per cent of retail payments globally are
still carried out with cash or cheque, with the percentage
being much higher in Africa. However, the combination
of a rapidly expanding middle class and steadily improving
financial literacy, supported by robust technology, is
increasing the appetite for card usage in Africa, providing
opportunities for the advancement of a cashless society
across the continent.
However, analysts insist that the spate of electronic fraud
could threaten the cashless initiative as many bank
customers are already weary of using electronic payment
systems.
Already Delight, whose ATM card was cloned by a
fraudster to withdraw from his bank account, has asked
the bank for a refund of the money.
His lawyer had written a letter to the bank entitled,
‘Fraudulent debit of the account of Bamidele Delight’
demanding a refund.
The letter read, “We write as solicitors to Bamidele
Delight herein after referred to as ‘our client’. We are
constrained to write this letter to you because all efforts
made by our client to resolve the captioned issues
amicably with his branch in Ikorodu, Lagos have failed.
On the 13th day of October 2014 at about 10.19pm,
our client started receiving alerts on his phone to the
fact that the sums totalling N149, 000.00 (one hundred
and forty nine thousand naira) were withdrawn in several
tranches from his account in Houston, Texas.
“The ATM card issued to our client before this incident
had never been used outside the country. It is a naira
denominated card. Our client therefore wonders how his
naira-denominated card was accessed and used to
withdraw dollars in far away Houston. The Friday before
this event, our client conducted some transaction at his
branch which must have reflected in his account and
should have tipped off your IT department that something
was fishy. Of course, this will not be the first time
incidents like this have happened from our investigation
and our client’s funds having been entrusted to your
bank; our client is owed a duty of care by your bank;
plain and simple! The night this incident occurred, our
client called your bank to lodge a complaint and followed
up with diverse official interactions with several official
channels in your bank but nothing has been done.
“To this end, we have taken cognisance of the fact that
similar unfortunate occurrences have been suffered by
other customers of your bank in the past and this should
have made your bank to be more careful. Therefore,
should our client’s stolen funds and the fraudulent debit of
our client’s account not be reversed within 72 hours from
the receipt of this letter, we will have no choice than to
commence a class action against your organisation.”
The case, however, is still on between the bank and the
customer in question.
Experts, have, however, said the CBN and banks need to
devise innovative ways to check the ugly trend.
The Managing partner DigitalEncode, Mr. Adewale
Obadare, said e-fraud could be reduced if banks adopted
modern technology and increase their internal financial
control system.
He, however, noted that the CBN had major roles to
play in mitigating electronic frauds.
The Chairman, Chartered Institute of Bankers of
Nigeria, Lagos State Branch, Mr. Abolade Agbola,
emphasised the need for the CBN to fast track the
biometric registration of bank customers as a way of
checking electronic fraud.
He said, “There is no justification for it; and what that
will do is that people will limit the amount of money or
specify the kind of account they expose to online money
transaction. And I think the CBN is also insisting that
when this issue has happened, it must be resolved speedily
so that confidence will not be lost. And that is one of the
reasons why banks will keep on changing their software
to make it safer; and, of course, that is also one of the
reasons the issue of national identity card needs to be
fast-tracked, which is at the government level.
“We must have an identity card that identifies the
human being with the face, and which will guide every
transaction in the society. And that is why the political
will to do that must also be there. Every fraud can be
traced because the greatest way to check fraud is to
know that you can be caught and the system has a lot of
checks either through your finger or your face or your
contact address. When you see the fraud that happens
and the trillions of transactions that take place daily,
then I think the banks have to take the technology
ahead; take the staffing ahead and create a future for
the employees so that they can know that they have a
future in the organisation; and that they can build a
future. This is because people commit fraud when they
have short-term view of the future.”
The President, Institute of Chartered Accountants of
Nigeria, Mr. Chidi Ajaegbu, said the CBN had achieved a
lot in the cashless drive but there was a need to continue
to build public confidence in the electronic means of
payments.
He said, “If we are striving to become a 24-hour
economy, then we must have the necessary controls in
place to build people’s confidence in the cashless policy we
are driving. And part of this is making sure that people
believe that their liquid assets and details are secure. It is
the key to the 24-hour economy we are driving towards.
“What they do in other jurisdictions is that when they
notice any perceived infraction, they descend on it
heavily. And I think this is one of the things we need to
adopt here. We should let people know that you can do
every other thing but we can’t let you mess around with
our cashless system. It is going to go a long way to help
our economy.”
The Vice-President, West Africa, MascterCard, Mrs.
Omokehinde Ojomuyide, said inadequate infrastructure,
manifesting as poor Internet services and related
challenges, are among the factors threatening the
cashless drive.
She, however, stressed that the policy had also led to the
growth of e-commerce in the country.
The General Manager, Visa West Africa, Mr. Ade
Ashaye, noted that the type of card used in the United
States might be prone to fraud.
He, however, said the development could be mitigated
with the help of new technology.
He said, “What we have found with fraud (in my
experience) is that a card is not fraudulent in one
transaction. If a card is cloned, it is used, may be up to
five times, until somebody raises the alarm. But the
earlier you can identify that there is a problem, the
better. You can quickly stop it.
“These are the kinds of investments in technology that
Visa makes available to our banks and that make sure
that we are able to quickly identify a fraud and prevent
it.”
The CBN has recently introduced some measures to curb
e-banking related frauds. They included an anti-
skimming device to the ATMs and limiting the amount
that could be transferred via electronic channels.
But from findings, there seems to be no foolproof
measure yet against frauds involving the use of cloned
Nigerian ATMs abroad.

SOURCE: http://www.punchng.com/special-feature/card-fraudsters-find-big-hole-in-cashless-policy/

Nice one op

MODs,please do the needful and move to front page. At least wizkid will learn too.

Make I no talk first.
Although I know AccessBank is equal to the task.

Abeg what is the name of that cloning machine in ikeja that cost just a few thousand naira.



I need to lay my hand on one if not two

i have it do u want to buy? i sell it for 45k

I am a victim of cloned debit card fraud....I lived in Ife at that time (as a student of OAU), then some criminal made a withdrawal of 20,000 from my account, using a cloned card on Unity Road in Kano, I have never been to Kano in my life. I reported at my branch, Zenith Bank, Ife, but till this day, nothing has been done about it...I have since moved on with my life sha....Though my card was cloned in 2006, when cards came only with magnetic stripes as the only security, but they have since introduced the chip and pin cards that are much more safer...I use them alot these days...both credit and debit..

@ josnig1980 & phantonce, you guys are here planning fraud abi? No forget say we get LEA in here, they may be following...

This is not today nah. It have tayed

josnig1980:
i have it do u want to buy? i sell it for 45k

I'm interested, how can we get in touch?? Can you sell it for 35k abeg

This is really bad.
However some tips can be helpful to both banks and customers.
1)The banks should encourage customers to input daily and or weekly withdrawal limits to their accounts over the ATMs, if the clients need more funds they can approach the counter. (these limits should preferably be changeable by a visit to the bank office that leaves a paper trail to avoid under duress things)
2) Customers should try to deal face to face on electronic banking information sharing with bank officials
3) Banks should decline payment to cards in locations associated with this fraud unless the account holder has given prior notice of travel to such locations.
4) Even in the country, banks can allow profiling of states or cities where a particular customer can withdraw.
5) Customers should endeavour to have an account (accounts) that are not directly linked to any card (you keep most of your bulk funds or savings here), and transfer via token/internet banking to your card linked accounts. While the banks are doing their part customers should take some initiative.
6) Customers should have their banks customer care lines (for card services) at their finger tips to act swiftly in cases like this as time is of essence.
7) The banks and customers should endeavour to be proactive to reduce these cases and the amounts involved per case. Though there is rarely a 100% fail proof system but intelligent multi level controls and monitoring can greatly increase efficiencies.
Lastly, I think some bad eggs in the bank might be linked to some cases of card fraud. How can one explain the follow-up phone call to the lady in the article that led to her giving out her passwords that were not functional hitherto.

phantonce:
Abeg what is the name of that cloning machine in ikeja that cost just a few thousand naira.
I need to lay my hand on one if not two

josnig1980:
i have it do u want to buy? i sell it for 45k

nikpet2:
I'm interested, how can we get in touch?? Can you sell it for 35k abeg

I pity you guys! Una no go go find work do, bah? Don't shout injustice when they sentence you to 100 years imprisonment oo.

Very well said Excellent7. Customers must be aware of what to do and how to safeguard their savings. I DONT leave more N20,000 in my accounts with ATM CArds. I do transfer mostly and those accounts, I don't have withdrawal cards nor internet facility on them. My transfers are done across the counter. Any transactions that cant wait for my transfer alert should F%ck off.

hmmm yahoo guys from atlanta

phantonce:
Abeg what is the name of that cloning machine in ikeja that cost just a few thousand naira.



I need to lay my hand on one if not two

[size=16pt]Its at least 200k for original , chinko costs about $264.66 , don't mind these amateurs , they have not done any investigations , The perpetrators gather DUMPS and print a physical card, those dumps are obtained from bank's servers meaning our banks are not secure enough , even then , that's why you must insist on having a 'token' for your transactions, if you do not input the one-time code , the transaction / withdrawal fails , For safety , contact your bank to issue withdrawal codes to your number or email and make sure you have your mobile phone with you always , ensure your email is always signed in, if / when you get a message to enter a code and you did not make any attempt to withdraw, run to the nearest ATM and change your code sharpaly


trust me , i know [/size]

Let me check

If na photo e for dey fp by now

gbodimowo:
If na photo e for dey fp by now

LOooOl true.... Mods fp please

[quote author=micklplus post=29333864]




THIS ITEMS CAN CLONE EMV CARDS. CHIPS

emaculate99:
Mr. Bamidele Delight, an engineer, was relaxing in his
living room around 10pm on October 19, 2014, when he
started receiving a series of debit alerts on his telephone.
Delight, who had never travelled out of the country, was
later told by his bank that somebody far away in
Houston, the United States, was using a debit card to
withdraw dollars from his account.
A total of N149,000 was withdrawn from his account
that night by an unknown person in the USA. The bank
has since launched an investigation into the card fraud
case.
There is a story of another bank customer, Mrs. Enitan
Bankole who also received a number of debit alerts on a
day she never made any withdrawal from her bank
account. Before she could call the customer care
department of her bank to launch a complaint, a total of
N120,000 had been withdrawn from her account with a
debit card by unknown person in Atlanta, the USA. Her
bank commenced an investigation into the matter but the
case is still pending.
Another customer, Mr. Shola Adeleke, suddenly
discovered a total of N150,000 had been withdrawn from
his bank account. He rushed to his bank and was told
that an unknown person had used a cloned debit card to
withdraw the money from his account in Chicago. Adeleke
threatened a court action. The bank officials were said to
have quietly reimbursed him.
Having realised the benefits of a cashless society as in
advanced economies, the Central Bank of Nigeria
recently launched programmes such as financial inclusion,
cashless Nigeria and biometric registration of all bank
customers.
Experts have noted the cashless Nigeria project rolled out
by the CBN has in the last three and a half years made
some giant strides.
According to them, modern ways of paying for goods and
services, which were hitherto impossible, have now
become a reality today.
Citizens now go to shopping malls, eateries and
supermarkets with only their payment cards in their
pockets. This is a card revolution in a country where cash
was the only means of payment five years ago.
Unofficial figures from MasterCard, Visa and other
payment companies show that there are about 35 million
to 40 million debit cards currently in circulation in the
country, all issued by Nigerian banks.
The scope of the cards has gone beyond the nation’s
borders as the ATM cards are now being used overseas to
make payment for goods and services.
The era of Nigerians shopping overseas with large cash or
foreign payment cards is fast fading away.
However, there are mounting fears that the ATM
fraudsters may scuttle the process and erode the gains
recorded in the cashless policy especially in the area of
electronic payment.
This, according to experts, may derail the efforts of the
government to push Nigeria towards a cashless economy.
In June this year, a Lagos-based journalist had discovered
that her token, which she often used for online banking
transactions, was no longer working. After a few weeks,
she reported the matter at one of the branches of her
bank. She was asked to fill a form, which she did.
The following day, someone who claimed to be an
employee of the bank called and told her that the bank
was working on her request and that she needed to
provide some details on her account, including her
password, which was no longer working. She obliged and
the call ended.
A few minutes later, she got two alerts that funds had
been transferred from her account to two accounts in
different banks. A total of N279,000 in her account
was transferred to those accounts. The journalist
returned to the bank to lodge the complaint and the
lender referred her case to its Fraud and Investigation
Unit. The matter is still being investigated and she has
yet to get any refund and neither have the fraudsters
been apprehended.
Investigations by our correspondent revealed that many
banks had been silently reimbursing customers that are
coming with cases of unknown persons using cloned debit
cards to withdraw money from their accounts.
Some banks said they had discovered that almost all the
customers involved had their money withdrawn by
unknown persons from the ATM in the US cities.
At a special meeting on electronic fraud recently
organised by Access Bank Plc at its head office in Lagos,
several bank officials complained of being tired of using
customer funds to reimburse other customers with cases
of cloned debit cards.
“How long are we going to keep using customers’ deposits
to settle other customers with cases of cloned cards?” a
bank official queried.
The Director, Banking and Payment System of the
CBN, Mr. Dipo Fatokun, who was represented by a
deputy director at the bank at the event, said that banks
had to put in measures to strengthen their internal
controls, adding that card fraudsters were out to rip bank
and their customers of millions of naira if care was not
taken.
He said, “From the findings we did at the CBN, we
discovered that most of these cloned cards were used in
Atlanta USA. We found out that Nigerian ATM cards
were being cloned and used in the US, especially in
Atlanta. In fact, we discovered that the machine they use
in cloning this card can be bought in Ikeja for few
thousands of naira.”
He added, “We really need to strengthen our internal
controls as banks. I know of a bank that tells their
customers to inform them whenever they are travelling
out of the country. Otherwise, once they notice any
withdrawal from outside the country, they will quickly
block it. That is commendable.”
Experts believe electronic payment platforms provide a
cost-effective way to improve financial inclusion in
Nigeria and Africa in general.
Nigerian banks, for example, working with the Nigeria
Interbank Settlement Scheme, have commenced a
consumer awareness campaign on the benefits of
electronic payment platforms, with the aim of increasing
their acceptance.
The Managing Director, Ecobank Nigeria, Mr. Jibril
Aku, said, “In Nigeria, increased urbanisation, a growing
labour force and the rise of online shopping are fuelling
demand for more convenient payments.
“Using electronic payments to penetrate the country’s
unbanked population of nearly 80 million also represents
a market with huge, untapped potential.”
Aku said this when Ecobank and MasterCard signed an
agreement for the issuance of debit cards to the bank’s
customers in Nigeria. The deal would see MasterCard
deploy its payment solutions in 28 sub-Saharan African
nations.
The Division President, sub-Saharan Africa,
MasterCard, Daniel Monehin, said, “We envisage a world
beyond cash in Nigeria and Africa, where consumers can
enjoy the security, efficiency and convenience of electronic
payments. Our vision can only become a reality through
collaborations with key industry stakeholders, such as the
Ecobank Group. Working together with governments,
financial institutions, merchants and businesses, we will be
able to help modernise the payment industry in Africa.”
The collaboration came at a time MasterCard was
working in partnership with governments and financial
institutions around the world to broaden usage and
acceptance of electronic payments, promoting their
benefits relative to cash transactions.
Today, over 85 per cent of retail payments globally are
still carried out with cash or cheque, with the percentage
being much higher in Africa. However, the combination
of a rapidly expanding middle class and steadily improving
financial literacy, supported by robust technology, is
increasing the appetite for card usage in Africa, providing
opportunities for the advancement of a cashless society
across the continent.
However, analysts insist that the spate of electronic fraud
could threaten the cashless initiative as many bank
customers are already weary of using electronic payment
systems.
Already Delight, whose ATM card was cloned by a
fraudster to withdraw from his bank account, has asked
the bank for a refund of the money.
His lawyer had written a letter to the bank entitled,
‘Fraudulent debit of the account of Bamidele Delight’
demanding a refund.
The letter read, “We write as solicitors to Bamidele
Delight herein after referred to as ‘our client’. We are
constrained to write this letter to you because all efforts
made by our client to resolve the captioned issues
amicably with his branch in Ikorodu, Lagos have failed.
On the 13th day of October 2014 at about 10.19pm,
our client started receiving alerts on his phone to the
fact that the sums totalling N149, 000.00 (one hundred
and forty nine thousand naira) were withdrawn in several
tranches from his account in Houston, Texas.
“The ATM card issued to our client before this incident
had never been used outside the country. It is a naira
denominated card. Our client therefore wonders how his
naira-denominated card was accessed and used to
withdraw dollars in far away Houston. The Friday before
this event, our client conducted some transaction at his
branch which must have reflected in his account and
should have tipped off your IT department that something
was fishy. Of course, this will not be the first time
incidents like this have happened from our investigation
and our client’s funds having been entrusted to your
bank; our client is owed a duty of care by your bank;
plain and simple! The night this incident occurred, our
client called your bank to lodge a complaint and followed
up with diverse official interactions with several official
channels in your bank but nothing has been done.
“To this end, we have taken cognisance of the fact that
similar unfortunate occurrences have been suffered by
other customers of your bank in the past and this should
have made your bank to be more careful. Therefore,
should our client’s stolen funds and the fraudulent debit of
our client’s account not be reversed within 72 hours from
the receipt of this letter, we will have no choice than to
commence a class action against your organisation.”
The case, however, is still on between the bank and the
customer in question.
Experts, have, however, said the CBN and banks need to
devise innovative ways to check the ugly trend.
The Managing partner DigitalEncode, Mr. Adewale
Obadare, said e-fraud could be reduced if banks adopted
modern technology and increase their internal financial
control system.
He, however, noted that the CBN had major roles to
play in mitigating electronic frauds.
The Chairman, Chartered Institute of Bankers of
Nigeria, Lagos State Branch, Mr. Abolade Agbola,
emphasised the need for the CBN to fast track the
biometric registration of bank customers as a way of
checking electronic fraud.
He said, “There is no justification for it; and what that
will do is that people will limit the amount of money or
specify the kind of account they expose to online money
transaction. And I think the CBN is also insisting that
when this issue has happened, it must be resolved speedily
so that confidence will not be lost. And that is one of the
reasons why banks will keep on changing their software
to make it safer; and, of course, that is also one of the
reasons the issue of national identity card needs to be
fast-tracked, which is at the government level.
“We must have an identity card that identifies the
human being with the face, and which will guide every
transaction in the society. And that is why the political
will to do that must also be there. Every fraud can be
traced because the greatest way to check fraud is to
know that you can be caught and the system has a lot of
checks either through your finger or your face or your
contact address. When you see the fraud that happens
and the trillions of transactions that take place daily,
then I think the banks have to take the technology
ahead; take the staffing ahead and create a future for
the employees so that they can know that they have a
future in the organisation; and that they can build a
future. This is because people commit fraud when they
have short-term view of the future.”
The President, Institute of Chartered Accountants of
Nigeria, Mr. Chidi Ajaegbu, said the CBN had achieved a
lot in the cashless drive but there was a need to continue
to build public confidence in the electronic means of
payments.
He said, “If we are striving to become a 24-hour
economy, then we must have the necessary controls in
place to build people’s confidence in the cashless policy we
are driving. And part of this is making sure that people
believe that their liquid assets and details are secure. It is
the key to the 24-hour economy we are driving towards.
“What they do in other jurisdictions is that when they
notice any perceived infraction, they descend on it
heavily. And I think this is one of the things we need to
adopt here. We should let people know that you can do
every other thing but we can’t let you mess around with
our cashless system. It is going to go a long way to help
our economy.”
The Vice-President, West Africa, MascterCard, Mrs.
Omokehinde Ojomuyide, said inadequate infrastructure,
manifesting as poor Internet services and related
challenges, are among the factors threatening the
cashless drive.
She, however, stressed that the policy had also led to the
growth of e-commerce in the country.
The General Manager, Visa West Africa, Mr. Ade
Ashaye, noted that the type of card used in the United
States might be prone to fraud.
He, however, said the development could be mitigated
with the help of new technology.
He said, “What we have found with fraud (in my
experience) is that a card is not fraudulent in one
transaction. If a card is cloned, it is used, may be up to
five times, until somebody raises the alarm. But the
earlier you can identify that there is a problem, the
better. You can quickly stop it.
“These are the kinds of investments in technology that
Visa makes available to our banks and that make sure
that we are able to quickly identify a fraud and prevent
it.”
The CBN has recently introduced some measures to curb
e-banking related frauds. They included an anti-
skimming device to the ATMs and limiting the amount
that could be transferred via electronic channels.
But from findings, there seems to be no foolproof
measure yet against frauds involving the use of cloned
Nigerian ATMs abroad.
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SOURCE: http://www.punchng.com/special-feature/card-fraudsters-find-big-hole-in-cashless-policy/

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