The Central Bank of Nigeria has disclosed Biometric authentication will soon be introduced as authentication for Automatic Teller Machine (ATM) transaction across Nigeria.
Making a presentation at a National retreat held in south west Nigeria, the Director in Charge of Banking Payment Systems, CBN Mr. Dipo Fatokun, disclosed Biometric authentication will help in the fight against electronic fraud.
The move towards Biometric authentication on ATM nationwide will be facilitated by the Bank Verification Number (BVN) which has biometric information of Millions of Nigeria already stored.
The Deputy-Director of Department of State Service (DSS) Mr. Yekini Ishola has warned Internet fraud in Nigeria is more prevalent in the south west, especially Lagos, Ogun and Oyo.
Mr.Yekini Ishola made this disclosure while presenting a paper on cybercrimes and the way out at a two-day annual security seminar organised by the Security Department of Nnamdi Azikiwe University Awka.
Decrying the spate of cybercrime among Nigerian youth, particularly in the Tertiary Institutions, the DSS Chief subsequently submitted that Ladoke Akinola University is presently considered has having the highest concentration of cyber criminals.
Cybercrimes are not committed by an individual, but by a network of criminals. Mr. Yekini reiterated. He later warned that activities perpetrated by these syndicates include using identity theft, hacking, malicious software and other fraudulent methods to gain access into personal information and account details of unsuspecting owners.
Interswitch a leading integrated payment and switching company with offices in Lagos, Nigeria and other part of Africa has named Kenneth Olisa as its new Chairman.
Olisa’s appointment followed investment by TA Associates in Interswitch in March, the management business expansion drive, and plan for $1Billion IPO scheduled 2018.
Olisa brings on board the wealth of experience as a British Business man with a career in technology spanning over 40 years.