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Home Business News

USSD: CBN Suggests Banks Will Pay If Someone Uses Your Phone To Make Transfers ‘Even if It’s Your Fault’

Nairametrics by Nairametrics
October 10, 2016
in Business News, Spotlight
USSD: CBN Suggests Banks Will Pay If Someone Uses Your Phone To Make Transfers ‘Even if It’s Your Fault’
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The Central Bank of Nigeria through its Director, Banking and Payments Department, ‘Dipo Fatokun, has revealed that commercial banks will bear the cost of “fraud” perpetuated on customers accounts who lose money through the mobile money-driven Unstructured Supplementary Service Data (USSD) .

Most commercial banks prod customers to use the USSD Banking platform to transfer money to third-party, buy airtime, open accounts, pay bills and book travels, among other services, using their mobile phones. However, customers do not really need to use a PIN to consummate a transfer.

CBN Director, Banking and Payments Department, ‘Dipo Fatokun,

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“Recent developments in the electronic payments system and implications for consumers of electronic payment services….We have reviewed the process of USSD and instructed banks that they must use a PIN. It is possible for people to come in contact with your phone, and also come in contact with your ATM card and so, use the last four digit of your card as PIN and that is dangerous.

Give a customer a PIN, which is known only to him. One of the banks, I won’t mention names, told us they needed to do system configuration, to ensure that customers can use one time password (OTP) or give the customer password or a token….Meanwhile, until that is done, the banks assured us, in writing, that any customer that suffers losses, they would pay. So, if you have cases of people who have suffered losses on USSD platform and their money has not been refunded, let us have it,”

Should Banks be the ones to blame?

Source: Banks to pay for mobile money transactions fraud


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Tags: E-businessE-commerceE-paymentFinancial ServicesMobile Money
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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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