Gist Coven

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 ens...

The Central Bank of Nigeria (CBN) has claimed success in checking Internet fraudsters in the banking sector through various measures to prevent hacking into customers’ accounts. The deputy governor of the apex bank in charge of operations, Mr. Bayo Adelabu, who spoke at the 2017 retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan, Oyo State capital, said the bank would continue to sanitise the financial sector. The event was attended by top officials of the Economic and Financial Crimes Commission (EFCC), U.S Consulate, Lagos, Consumers Protection Council (CPC) and some commercial banks. Chairman, Nigeria Electronic Fraud Forum, Dipo Fatokun said with the bank verification number in place, biometrics would soon be used for transactions. “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 enabled, it will make our system to be more secure and make all ou...