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In keeping with its renewed fight against electronic fraud, rampant losses or trapping of automated teller machine (ATM) cards, a new vista is being plotted by the Central Bank of Nigeria (CBN) to tame the tide of infractions and theft.
In his submissions at the 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan recently, the chairman, Nigeria Electronic Fraud Forum (NeFF) and CBN director of banking and payment system, Dipo Fatokun, averred that biometrics will soon be used for transactions on the ATM.
Currently, Pin codes made up of four numbers, are currently being used.
According to him, “Sharing ATM pin codes with a third party is against the policy of banking sector but could not be avoided in some circumstances especially in situations where the account owner is not literate or incapacitated”
“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 devices are very expensive because of the technologies involved but I am sure, we shall get there soon,” Fatokun noted.
However, financial experts say the idea is good and in practice in several parts of the world. They are of the view that just as the CBN chief noted, the technology is costly and will need corresponding education on the side of bank account holders.
According to Dr. Salau Idimu, “If ever the CBN will introduce biometrics at ATM, the plan will have to work side by side with pin codes pending when awareness and technology hiccups in using biometrics will ease”.
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