CBN: Biometrics ready to replace ATM code in bank transactions

The Central Bank of Nigeria (CBN) over the weekend in Ibadan, the Oyo State capital, said with the Bank Verification Number (BVN) in place, biometrics will 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, ‎stated this during the Year 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held at the Best Western Plus Hotel, Iyaganku, Ibadan.

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.