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Tag: E-PPAN

  • MasterCard to launch facial recognition payment service

    MasterCard to launch facial recognition payment service

    The Electronic Payment Providers Association of Nigeria (E-PPAN) said that MasterCard would soon launch a facial recognition payment service to tackle the risk of increasing cybercrimes.

    Mrs Onajite Regha, the Chief Executive Officer of E-PPAN, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

    Regha said that the development was part of the company’s vision to discontinue with the use of password for online payments.

    “MasterCard’s facial recognition will roll out to only about 500 users at first, with major hardware and software companies like Apple,

    Microsoft and others along with two banks already on board the venture.

    “Through this system, your phone can tell the difference between your unique face and that of your siblings,’’ she said.

    Regha, who is also the Executive Secretary of E-PPAN, said that the Automated Teller Machine (ATMs) based on biometrics had been the subject of discussion for years.

    She said that China had unveiled the world first facial recognition ATM, which would not allow users to withdraw cash, unless their faces match their identification.

    The E-PPAN officer said the machine had inbuilt camera which captures the facial features of the users compared with a database of identification photos.

    According to her, the machine can also identify people if their facial features changes.

    Regha also said that the machine would help the police to crackdown on a range of financial crimes.

    She said that it would prevent thieves from accessing other peoples’ accounts.

    “The ATM records the serial number of every bank note deposited and any client who deposited fake money can be identified.

    “It is 20 per cent more accurate at verifying the authenticity of multiple currencies compared to the average ATM being used globally,’’ Regha said

     

  • E-PPAN confab set to tackle e-fraud

    The E-Payment Providers Association of Nigeria (E-PPAN) will gather key stakeholders from the law enforcement agencies, regulators, commercial banks, merchants, service providers and consumers for a dialogue on the fight against electronic fraud.

    The conference with “Hitting the Target: Addressing electronic fraud through an industry approach” as it theme will hold  November 10 at the Four Points by Sheraton Hotel Victoria Island, Lagos.

    In a statement, the group explained that electronic fraud is no longer a new crime but the ways in which electronic payment fraudsters operate have evolved significantly in recent years. The activities of these fraudsters are based on high levels of planning and coordination.

    According to the data released by the Central Bank of Nigeria (CBN) in the Financial Stability Report (FSR) for December 2014, the banking sector lost over N3.04 billion last year to e-fraud. As staggering as these figures are, the costs of fraud cannot be measured solely in terms of monetary loss. The effects permeate the entire society.

    “To significantly reduce fraud, it is essential to formulate a solid, comprehensive approach. One of our main approaches over the years has therefore been to advocate for a collaborative approach in fighting fraud. The core objectives of this edition of the conference therefore is to explore and strengthen collaborative efforts between the law enforcement agencies; regulators and the payment industry in the fight against electronic fraud, and also to define the roles of the merchants, consumers and the payment providers in the fight against fraud,” the statement explained.

    Invited speakers include the CBN Governor,  Mr. Godwin Emefiele;  Inspector- General of Police, Solomon E. Arase; General Manager,  Commercial Crime Office, South Africa Banking Risk Information  Centre (SABRIC), Susan Potgieter; Managing Director, Nigeria Inter Bank Settlement System ( NIBSS) Mr Ade Shonubi.

    Others are the Group Managing  Director, Interswitch Transnational Mr. Mitchell Elegbe; Chairman Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) and the Chief Internal Auditor, Skye Bank Plc, Bola Dawodu; Director General, Consumer Protection Council (CPC) Mrs. Dupe Atoki,  Chairman Nigerian Electronic Fraud Forum ( NeFF)  and Director Banking and Payment System Department, CBN, Dipo Fatokun and others.

    The Executive Secretary, National Association of Supermarket Operators of Nigeria (NASON) Lawanson Oyebowale; Managing Director Konga Online Shopping Limited Sim Shagaya; E-PPAN board of Trustees Senator Ayo Arise and Mr Dotun Sulaiman, amongst others.

     

     

     

  • E-PPAN alerts of fraudsters using BVN

    E-PPAN alerts of fraudsters using BVN

    Electronic Payments Providers Association of Nigeria (E-PPAN) has warned customers to be wary of fraudsters pretending to be carrying out Biometric Numebr Verification (BVN) registration to access details of customers’ bank accounts.

    Its Executive Secretary/Chief Executive Officer, Mrs Regha Onajite urged bank customers to do their BVN with their banks, warning that unscrupulous elements are hiding under the guise of the exercise to defraud customers.

    Mrs. Onajite, who spoke in Lagos during an interactive session with reporters, said: “One thing they (fraudsters) use to catch their unsuspecting victims currently is the ongoing Bank Verification Numbers (BNV) registration. Everybody is supposed to do the BVN and I urge Nigerians to go and do this exercise with their banks. It only takes few minutes to complete the process.

    “No bank will send you an email to go online to put in your details all in the name of registering for your BVN. So we must be very careful about giving information out.”

    E-PPAN is particularly worried that as the Easter festivities gather momentum, bank customers are more likely going to use these alternative channels to either withdraw or make payments. It has therefore offered tips to customers so that they will not be defrauded by cyber crooks.

    She said banking customers should not be carried away by ongoing general elections and Easter celebrations from taking proper protection of their personal sensitive data connected to their financial activities.

    She said:  “This is the period of election and there is a lot of anxiety. We are trying to change to a new administration or retain the existing one and because we are anxious about our political future, a lot of people may ignorantly open the flanks of their financial security.

    “We should always be on the alert because the fraudsters are always on the prowl. Because fraud happens when there is a state of less security, you be on your guard; protect yourselves, personal details because once you are able to protect our personal details, it reduces your chances of being defrauded by 50 per cent and even by 80 per cent.

    “So, the other 20 per cent would be handled by the financial institutions through different measures they have put in place to ensure that their customers are safe. Electronic payments come with a lot of convenience. Speed is one of them.

    “It, therefore, means that if somebody is about to get your details or cards and access your channels of payment, the person will also be able to conveniently and speedily steal your money.”

    She urged customers to be couscous of the increasing wave of phishing. “You need to protect yourself always. Do not open unsolicited emails; do not respond to them, don’t feel your information online as this may be phishing, and you may leak your personal financial details in the process”

    She said with electronic payments, a lot of banking customers have got increased financial security since they carry less cash and rely more on electronic platforms for their transactions, warning that during festive periods, cyber crimes always peak because people like to buy things online and do fund transfers to friends, parents and relatives.

  • E-PPAN urges security consciousness

    The E-payment Providers Association of Nigeria (E-PPAN) has urged Nigerians to be security conscious especially at this festive season where a lot of transactions take place with the use of various payment instruments.

    Its Media and Strategy Development Manager, Mrs Ntia Nnene Sylvia who spoke in Lagos, said people must be careful as they use their cards during shopping at merchant outlets using the point of sale (PoS) terminal or use mobile banking/payment; online transactions or even at the automated teller machine (ATM) point

    She said: “Typically, fraudsters also use this festive season to launch their nefarious activities to unsuspecting bank customers. The onus is therefore on the individual first, to consider safety in all transactions, and these will take some extra and conscious effort by the individual.

    “It is very safe to use any of the payment instruments but to minimise the chances of becoming a victim of electronic fraud, we advise consumers to follow some safety tips such as looking after your cards and card details at all times; trying not to let your card out of your sight when making a transaction; not leaving your cards unattended to in public places. We emphasise that card users should never share their PIN with anyone and ensure you are the only person that knows your PIN. Your bank will never ask you to disclose it; anyone who asks you for your PIN is a fraudster. Keep it secret, keep it safe – protect your PIN.

    For those who will use the ATM at any point, we always advise that, never use an ATM at any isolated location especially at night and weekends. ATM’s are generally very safe; however they do sometimes attract criminal attention, so you still need to follow common sense precautions when withdrawing cash. At the ATM when entering your PIN, stand close to the ATM , use your free hand and your body to shield the number in case someone is watching you over your shoulder. “Once you have completed a transaction put your money and card away before leaving the ATM.  If the ATM does not return your card, report it immediately to your service provider. Destroy or preferably shred your ATM receipts, mini-statements or balance enquiries when you dispose of them.  If you think someone has seen your PIN you can change it at the next ATM or by contacting your bank.  To minimise the chances of having your card or card details stolen at an ATM,  we say that if you spot anything unusual about the ATM, or there are signs of tampering, do not use it. report it to the relevant authorities immediately”

    According to her, for those traveling overseas, the advice is that “you call your financial service providers and inform them on your location of travel. Only take cards that you intend to use; leave others in a secure place at home. When you are overseas don’t let your card out of your sight, especially in restaurants and bars; when you get back check your card statements carefully for unfamiliar transactions. If there are any, report them to your financial service provider as soon as possible.”

    For those doing online transactions, she said: “Our advice to those category of people is that they should only shop on secure sites. Before entering card details ensure that the locked padlock or unbroken key symbol is showing in your browser. Additionally, the beginning of the online retailer’s internet address will change from ‘http’ to ‘https’ to indicate the connection is secure. Never send your PIN over the internet. Always log out properly after shopping online – if the website you have used has a ‘sign out’ or ‘log off’ button, click it when you have finished, especially if you have been using a shared or public computer. As additional preventative measures when banking online, you should ensure your browser is set to the highest level of security notification and monitoring. Be particularly security-conscious if you are using a public computer or public Wi-Fi internet connection.

    “If everyone follows the safety security tips that we have highlighted they would have protected themselves from being victims of fraud.”