• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors

Nigerian bank customers risk financial losses by exposing ATM card numbers—Zecharia Akinpelu

Samson Akintaro by Samson Akintaro
September 21, 2024
in Sectors, Tech News
Nigerian bank customers risk financial losses by exposing ATM card numbers—Zecharia Akinpelu
Share on FacebookShare on TwitterShare on Linkedin

A cybersecurity expert and the Chief Information Security Officer (CISO) of Unity Bank, Mr. Zechariah Akinpelu, has warned that bank customers exposing the numbers on their ATM cards risk losing their money to criminals even without releasing their PIN.

Speaking at a cybersecurity webinar organised by Routelink Group, Akinpelu emphasized that the false sense of security many individuals have regarding their card protection, especially when relying solely on PIN security, could lead to major financial losses.

While noting that many cardholders believe that if their card is lost or stolen, the attached PIN will prevent unauthorized transactions, he pointed out the danger of “card-not-present” (CNP) transactions, where no PIN is required to complete a purchase on certain merchant websites.

RelatedStories

Digital training, Coursera

Nigeria’s young workforce fuels surge in digital skills, GenAI learning – Coursera Report 

July 20, 2025
FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 

FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 

July 9, 2025

“If someone gets hold of your card details, they can make transactions on your behalf without needing your PIN,” he warned.

Risks from global merchants 

Highlighting the global risks, Akinpelu noted that while Nigerian banks have implemented robust security measures, such as PIN and chip technology, the global nature of online shopping exposes Nigerians to vulnerabilities present in other regions.

“In Nigeria, you can feel secure that most merchant sites will require a PIN for transactions. However, we live in a global village. I can order a phone from anywhere and have it delivered to me within a few days,” he said.

The Unity Bank CISO expressed worry that many Nigerian cardholders care less about the numbers on their cards but only their PIN.

“The way people carelessly handle their cards these days is concerning. People think that because they protect their cards with a PIN, even if the card gets lost, they are protected,” he stated.

Tap and pay 

He said the next payment trend in the developed countries is tap and pay, which also does not require the use of a PIN.

  • While noting that Nigerian banks have the capability, he said it is not being implemented in the country yet.
  • According to him, in countries where the service has been rolled out, it is only used for small transactions such as paying for a train or a bus. In the UK, for instance, he said such transactions do not exceed £10.
  • Akinpelu noted that for Nigerian banks to implement that it has to be done with the consent of the customers.

“For example, if you want to increase your transaction limit, you need to give consent, just like in Internet banking, where you can increase or decrease your daily transaction limit. However you need to be informed and aware of the risks, and the bank must identify these risks,” he said.

Speaking earlier on the essence of the webinar, the Group Managing Director of Routelink Group, Mr Femi Adeoti, said it was aimed at creating awareness about the growing cyber threats for individuals, businesses, and governments.

What you should know 

The most recent fraud and forgeries data released by the Financial Institutions Training Centre (FITC) revealed that Nigerian commercial banks lost a total sum of N42.6bn to fraudsters over a three-month period from April to June 2024.

According to the report, fraudulent activities were carried out through various channels, including ATMs, online platforms like web and mobile banking, bank branches, and point-of-sale (POS) terminals.


Follow us for Breaking News and Market Intelligence.
Tags: ATM FraudCybersecurityMr. Zechariah Akinpelu
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

Related Posts

Digital training, Coursera
Sectors

Nigeria’s young workforce fuels surge in digital skills, GenAI learning – Coursera Report 

July 20, 2025
FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 
Crime and Insecurity

FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 

July 9, 2025
cybersecurity jobs
Sectors

IT leaders globally raise security concern over AI cybersecurity tools usage – Report 

January 31, 2025
Nigeria set to develop Indigenous blockchain “Nigerium” to foster data sovereignty 
Sectors

NITDA alerts Nigerians on cybersecurity risks linked to Spotify exploits 

November 26, 2024
Shortage of cybersecurity skills threatens Nigeria’s digital economy—Adewale Obadare 
Sectors

Shortage of cybersecurity skills threatens Nigeria’s digital economy—Adewale Obadare 

November 18, 2024
Vodafone signs 10-year deal with Google to bring AI and cloud cybersecurity to Africa 
Sectors

Vodafone signs 10-year deal with Google to bring AI and cloud cybersecurity to Africa 

October 8, 2024
Next Post
Naira , dollar, exchange rate

Naira appreciates to N1,541.52 at I&E window on positive economic news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Palmpay

first bank








DUNS

Recent News

  • Customs directs all firms on Fast Track Scheme to shift to AEO Program by December 31, 2025 
  • Leading with purpose: How female leaders can shape the future of business 
  • MEXC launches Solana Eco Month: $50M Airdrops, Zero Fees, and Big Rewards for On-Chain Users 

Follow us on social media:

Recent News

President Tinubu extends Customs Comptroller-General’s tenure over ongoing reforms consolidation 

Customs directs all firms on Fast Track Scheme to shift to AEO Program by December 31, 2025 

August 1, 2025
Leading with purpose: How female leaders can shape the future of business 

Leading with purpose: How female leaders can shape the future of business 

August 1, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics