Business Hilights
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CBN still mute on rising risks of card use for online transactions—BHIU

In the last couple of months, there had been rising cases of money in accounts being wiped out shortly after using debit card to do transactions online in Nigeria.

Investigations by Business Hilights Intelligence Unit (BHIU) showed that the risks associated with paying with debit card in an online payment platform are becoming unbearable in the country due to cases both reported and unreported.

Findings show that there are lots of online payment platforms with beautiful outlook but laced with plug-ins capable of abusing customers’ data to the extent of using same to carry out digital robbery on the accounts of people using their cards to pay for services online.

BHIU observed that the Central Bank of Nigeria (CBN) and other related monitoring institutions seem not serious in checking the trend as more Nigerians fall victims of frauds originating from use of their cards.

Some victims, who related their experiences, advised digital minded Nigerians to avoid keeping huge sums of money in the bank account linked to the card they usually use for online transactions.

One of the victim, who pleaded anonymity revealed that not up to two minutes after making payments with his card online, “The website disappeared and thereafter, I started receiving debit alerts on the account.”

“Continuing, “I was so pissed up that I do not know what to do but to call on my account manager to block the account.

According to him, “the most annoying part of the whole harrowing experience was that when I approach my bank (name with held) for redress and tracing of the culprit, nothing came out it after several months.”