The chairman of the Nigeria Electronic Fraud, Mr Dipo Fatoke during the annual conference tagged "Operationalizing a four sided approa...
The chairman of the Nigeria Electronic Fraud, Mr Dipo Fatoke during the annual conference tagged "Operationalizing a four sided approach to preventing fraud" has noted that the Bank Biometric verification number (BVN) will soon replace the ATM card number when doing transaction with the card.
At the conference, officials from s the Economics and Financial Crimes Commission (EFCC), U.S Consulate, Lagos, Consumer Protection Council, Union Bank of Nigeria Plc , Access Bank, First Bank, Mobile Money Operators among other stakeholders in the financial sector of the nation's economy were present.
Addressing the participants, Mr. Fatoke did that this development would dwindle the re at which financial crime occurs In Nieria.
Mr. Fatoke also noted that in Nigeria sharing of card pin is a crime in the ranking sector but in some circumstances it can not be avoid like I the case of emergency.
He said in situation whereby the account owner is not literate or he is incapacitated, he may be forced to disclose his pin code to third parties.
He said; "Your pin and account details are not supposed to be disclosed to third person but as you rightly said, we have some people who are not literate or incapacitated and that makes them to disclosing their details to third party.
"What we are canvassing is that in a time soon to come, with the BVN in place, biometrics will be used for transactions on ATM.
"That means if you want to transact with your ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabling, it will make our system to be more secure and make all our transactions to be validated.
"But biometric electronic devises are very expensive because of the technologies involved but I am sure, we shall get there soon."
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