Skip to main content

BVN: CBN Announces Plans To Replace ATM Code With Biometrics.


The Central Bank of Nigeria (CBN) has, over the weekend, stated that with the Bank Verification Number (BVN) in place, biometrics will soon be used for transactions on the Automated Teller Machine (ATM) instead of the existing pin code.

The Chairman, Nigeria Electronic Fraud Forum (NeFF), Dipo Fatokun, ‎made this known during the Year 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held at the Best Western Plus Hotel, Iyaganku, Ibadan, Oyo state capital.

He made this known at the retreat with the theme: “Operationalising a Four Sided Approach to Preventing Fraud” were top officials of the Economic and Financial Crimes Commission (EFCC), the US Consulate, Lagos, Consumer Protection Council (CPC) ,Union Bank of Nigeria Plc,  Access Bank, First Bank, Mobile Money Operators, among other stakeholders in the financial sector of the nation’s economy.

According to Fatokun, introduction of biometrics‎ into the banking system was part of the effort of the CBN to ensure successful fight against electronic fraud.

His words; “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.”
Labels:

Comments

Post a Comment

Kindly drop your comments

Popular posts from this blog

President of Iran Declares End of ISIS

President Hassan Rouhani of Iran on Tuesday declared the end of Islamic State in an address broadcast live on state TV. A senior commander of Iran’s Revolutionary Guards, Maj.-Gen. Qassem Soleimani, also declared the end of Islamic State in a message sent to the country’s supreme leader Tuesday which was published on Sepah News, the news site of the Guards. Videos and pictures of Soleimani, who commands the Quds Force, the branch of the Guards responsible for operations outside of Iran’s borders, at frontline positions in battles against Islamic State in Iraq and Syria have been posted frequently by Iranian media in recent years. On Friday, Iranian media published pictures of Soleimani Kamal in eastern Syria, a town which Soleimani said Tuesday was the last territory retaken from Islamic State control in the region. The Revolutionary Guards, Iran’s most powerful military force which also oversees an economic empire worth billions of dollars, has been fighting in support of S...
Post a Comment
Read more

EPL: Kelechi Iheanacho might be available for sale in January – Leicester City boss, Puel

Leicester City manager, Claude Puel, has hinted at the possibility of selling Nigeria star Kelechi Iheanacho four weeks before the winter transfer market opens for business. The Foxes have six strikers in the first team consisting of Iheanacho, Vardy, Ahmed Musa, Slimani, Okazaki and Ulloa, and the former Man City starlet has found game time hard to come by after making only two starts in the Premier League from a possible fifteen. Speaking to Leicester Mercury, Puel said: “Kelechi had an injury and for the moment, we have competition. “I am happy with Jamie for example. Kelechi or other players cannot play on the side. “It’s difficult for them, but for me also to manage all these players because we have six strikers so there is no place for all the players.” Iheanacho penned a five-year contract with Leicester City in the summer for a fee in the region of 25 million pounds.
Post a Comment
Read more

Tech How Alibaba turned an obscure, made-up Chinese holiday into a $17.8 billion shopping extravaganza that's bigger than Black Friday

Alibaba raked in over $8 billion in sales in the first hour of its made-up marketing holiday, "Singles Day." Singles Day has its roots in an obscure Chinese holiday for students who had not married yet. Alibaba CEO Jack Ma capitalized expertly on the holiday, and now, Singles Day dwarfs traditional American shopping holidays like Black Friday, and is much larger than Amazon's "Prime Day." Alibaba turned Singles Day, the Chinese holiday for the single-set, into a huge economic opportunity through a savvy marketing blitz. The company raked in well over $8 billion during the first hour of this year's sale, largely through its online shopping platforms, Taobao.com and Tmall.com as well as a glitzy gala. Students at Nanjing University first celebrated Singles Day in 1993 as an appreciation of, you guessed it — being single. They picked November 11 (11/11) as an ode to the loneliness of the number one. But Single’s Day was never meant to be a somber aff...
Post a Comment
Read more