The Central Bank of Nigeria, in collaboration with key stakeholders developed strategies for prevention of card fraud. Some of th identified strategies to prevent card fraud includes the following:
1. Introduction of second level authentication for card not present payment.
2. Banks to have real-time online monitoring tools for PIN entry attempts.
3. Automatic blocking of card after three unsuccessful PIN attempts.
4. Set limit for card-to-card transfers, POS and web payments.
5. Banks to segregate the process of PIN handling and card activation.
6. Proper due diligence should be done on all merchants before POS is allocated.
7. Enlightenment campaign on protection of PIN/card details for cardholders
8. Establishment of Nigeria Electronic Fraud Forum (NEFF)
9. Collaboration with banks, Switches, EFCC, NIMC, NCC, PCC, CPC and other institutions to fight e-payment fraud.
Card Fraud Prevention Strategies
The Central Bank of Nigeria, in collaboration with key stakeholders developed strategies for prevention of card fraud. Some of th identified strategies to prevent card fraud includes the following:
1. Introduction of second level authentication for card not present payment.
2. Banks to have real-time online monitoring tools for PIN entry attempts.
3. Automatic blocking of card after three unsuccessful PIN attempts.
4. Set limit for card-to-card transfers, POS and web payments.
5. Banks to segregate the process of PIN handling and card activation.
6. Proper due diligence should be done on all merchants before POS is allocated.
7. Enlightenment campaign on protection of PIN/card details for cardholders
8. Establishment of Nigeria Electronic Fraud Forum (NEFF)
9. Collaboration with banks, Switches, EFCC, NIMC, NCC, PCC, CPC and other institutions to fight e-payment fraud.