Check ATM Fraud or Pay, CBN Tells Banks

Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) otherwise known as commercial banks in the country to check the rising incidences of fraud in the electronic payment system or absorb the liability arising from end users losses, Nigeria CommunicationsWeek has learnt
This is coming just as the apex bank is making several efforts to address escalating complaints relating to Automated Teller Machines (ATM) transactions.
According to the CBN, DMBs are to issue debit cards on the written request of the account holder as the bank would be held responsible for fraud perpetrated with the use of cards without the written request of the account holder.
According to the regulatory body, “banks are to set and implement mandatory daily limits for ATM cash withdrawals,” and has also made compulsory the use of second level authentication for all payment cards.      
Nigeria CommunicationsWeek also gathered that card holders are to be provided with a facility to block their account immediately from their mobile phones on receipt of suspicious SMS transaction alert.
“All card issuing banks should deploy fraud monitoring tools that have the capability to monitor the normal spending trends of card holders as well as to automatically stop transactions perceived to be fraudulent,” said Abayomi Atoloye, director, Banking & Payments System Department of the CBN.
It would be recalled that the apex bank in time past directed banks to treat and respond to all complaints on card transactions within 72 hours of the receipt of such complaints and to set up help desks for handling ATM and other card-related complaints.
The CBN likewise set up a help desk for receiving public complaints on electronic card transactions with a view to fast- tracking resolutions by the affected banks.