The Oasis Reporters
November 4, 2020
In the past couple of months, many Nigerians have been reading about card cloning technologies, whereby even the ATM card in the pocket can be scanned remotely and the details thereof, copied by fraudsters. Though the veracity of such capers could not be independently ascertained by The Oasis Reporters, it however led to worries in the financial community about card security.
Then came the reassuring messages from Zenith Bank Plc, a leading Tier-One bank that the biometric option is the newest cash withdrawal technology in vogue which has now been swiftly deployed by Zenith Bank Plc, with Guaranty Trust Bank and perhaps a few other ones doing same. Many more are likely to be in the pipeline.
Recall that the Goodluck Ebele Jonathan administration had initiated the Bank Verification Number (BVN) compulsory registration for all bank customers. Not everyone knew where Jonathan was headed to then with that futuristic option.
Now we know, and here we are.
For those utilizing this new finger scanning verification alternative, here are the advantages.
First, a customer cannot be robbed, because withdrawal of cash through the Automated Teller Machine (ATM) must require the physical presence of the account holder. Someone’s card may have been lost or expired, yet he can go ahead and make cash withdrawals by using his right thumb or right index finger. First, key in your bank account number.
Allow the machine to promptly scan your unique fingerprint for just five seconds. And payment is authorized/made.
Even in the banking hall, who needs your signature again when your fingerprints would suffice without error?
Fingerprints technology is a very old way of biometric identification as no two fingers are identical when scanned. It is unique to each individual and law enforcement departments all over the world use it in positive identifications.
With this giant stride deployment of the technology into mainstream banking operations, ATM frauds can be said to have been given an uppercut.