![]() |
Credit: www.nigeriasms.net |
Beginning from Wednesday January 15 2014, commercial banks in Nigeria will commence the deactivation of ATM cards that are trapped in the ATM machines of other banks.This according to the banks is aimed at protecting the customers from the antics of fraudsters.
The banks said such ATM cards could be exposed to a third party thus increasing the risk of security compromise of such cards.
Before the decision to deactivate such cards was made, banks that own the ATM machines in which such cards are trapped often return such cards to the nearest branch of the bank that issued the card. This is then transferred to the branch where the card was issued and the customer could then go to the branch to collect the card.
This long process usually take as long as 5 days to complete.
But from Wednesday when the new policy will become effective across Nigeria, any customer who card is trapped would have to reapply for another card since the deactivated card would have been deactivated.
To this effect, some banks are already notifying their customers of the new policy and experts who spoke to Innovation Village believe it would in ensuring security in the nation’s enormous e-banking sub-sector.
Seun Akintunde is a e-banking expert, he said the move is long overdue as trapped cards could easily be compromised.
He said: “This is an innovative move by the banks. Concerning hardships that many subscribers are complaining about, it is now very easy to apply for new ATM cards in Nigerian banks. Some are already issuing new cards in less than 10 minutes at all their branches.”