Against the backdrop of increased Automated Teller Machine-related fraud cases both in and outside Nigeria, the Sterling Bank is now warning individuals and financial institutions to protect their financial information so as not to fall prey to fraudsters.
According to Shina Atilola, the bank’s group head, Strategy and Communications, said the bank regretted that fraudsters had taken advantage of the cashlite policy introduced by the Central Bank of Nigeria (CBN) and other countries to hack into electronic payment systems all over the world.
Atilola explained that while Nigeria had cushioned its customers against the vice through the introduction of “Chip and PIN” technology, which is adequately protected, other countries have not adopted the technology fully.
“What is used in some countries is the magnetic strip technology, which makes it easy for fraudsters to clone customers’ cards and fraudulently make use of their card information.
“Also, some people do not exercise sufficient caution in the manner they handle their debit and credit cards as they either expose it to unauthorized persons or give it out to other people to make withdrawals or transactions on their behalf”, he explained.
He added that once a person’s card had been compromised it made them vulnerable to fraud.
His words: “In countries where the Chip and PIN technology has not been fully adopted, such as the United States and China, card information such as the card number on the face of the card and the Card Verification Value (CVV)- the set of numbers at the back of the card, can be used to perpetrate fraud even without the customer’s PIN.
“Therefore, it is not just about keeping the PIN secure, the card number and the CVV should also be protected,” he said