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/

This is long overdue.

Very good initiative.

Weldone oga CBN