News

CBN sets up ATM fraud prevention committee

February 13, 2012

The Central Bank of Nigeria has established an ATM fraud prevention committee to address risks associated with the use of alternative e-payment channels, said a news report at leadership.ng. Members of the committee include banks, the Economic and Financial Crimes Commission and the National Identity Management Commission, among others.

In a statement, the Bankers’ Committee said it had become necessary to set up the ATM fraud prevention committee to address card frauds, especially those associated with the use of ATMs and POS terminals. However, the statement also said that the migration of Nigerian banks to chip and PIN technology had drastically reduced the fraud level in the industry.

The Committee said that the apex bank was working with the Nigeria Communications Commission and telecommunications operators to ensure that POS systems in the country had dedicated communication links. In addition, biometrics were being installed in some ATMs and POS systems to further deter fraud.

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