• Friday, April 12, 2024
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CBN, NeFF collaborate with AMMBAN to tackle PoS terminal fraud

CBN, NeFF collaborate with AMMBAN to tackle PoS terminal fraud

The Central Bank of Nigeria, in partnership with the Nigerian Electronic Fraud Forum (NeFF), is working alongside the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to introduce a new functionality on Point of Sale (PoS) terminals according to reports.

This feature aims to identify potential fraudulent transactions at agents’ locations by prompting for specific Know Your Customer (KYC) details before completing certain transactions.

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Lilian Phido, the head of corporate communications at NIBSS told reporters that the collaboration is motivated by the Nigerian Electronic Fraud Forum. She further emphasised the industry’s need for ongoing innovation, prompting the Central Bank to establish the Nigerian Electronic Fraud Forum.

“This dedicated body includes key players and stakeholders who work together proactively to ensure the integrity of payment systems nationwide,” said Phido.

Fasasi Sarafadeen Atanda, President of AMMBAN, revealed that the collaborative effort is nearing completion, with a focus on finalizing the technological aspects and activating specific features. Atanda also acknowledged the pivotal role played by the Nigerian Interbank Settlement System as a driving force behind this initiative.

According to reports, the forthcoming feature is expected to be prominently showcased on Point of Sale (PoS) terminal agents nationwide. Following a recent meeting with NIBSS, it is anticipated that the feature will be prepared for launch in the first quarter of 2024, as expressed by AMMBAN.

Reports also says that a coalition of security agencies, including the Nigerian police, Department of State Services (DSS), AMMBAN, and NIBSS, has been formed to facilitate the seamless tracking of fraudsters operating at agent locations.

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The coalition aims to establish a common identification system for the 1.7 million-plus banking agents listed on the AMMBAN database. Additionally, there are ongoing discussions regarding the potential training and certification of agents; however, some stakeholders hold a skeptical perspective on this approach.