The Central Bank of Nigeria (CBN) has said that biometrics will soon replace ATM card pin while doing transaction with card.
The plan was revealed by Dipo Fatokun, chairman, Nigeria Electronic Fraud Forum (NeFF) and CBN director of banking and payment system, at 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan recently.
Fatokun said that launch of biometrics into banking system is part of the CBN’s strategy to reduce electronic fraud in banking sector.
He noted that though sharing ATM pin codes with a third party is breach of the banking but when the users are illiterate or incapacitated, they have to share the PIN details with to a third party, which increases the risk of fraud. Using biometrics will substantially reduce risk of frauds during banking transactions.
Fatokun said: “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.”