June 19, 2009

ATM cards fraud:Valuecard boss urges EMV compliance

AS more Nigerians lament the hacking into their account via their ATM cards, Mr. Kyari Bukar, Managing Director/CEO, ValuCard Nigeria Plc has called for a more rapid adoption of, and compliance with EMV principles and practices by all stakeholders in the e-payment industry, consequent on the directive by the Central Bank (CBN) that from April, 2009 all new payment cards issued must be EMV complaint.

Mr. Bukar made the call in his presentation “EMV Implementation in Africa: Nigeria as a Case Study…Reality or Façade?” at the opening ceremony of CardExpo Africa 2009 on Monday.

The event has as its theme: Channel Strategy, e-payment in a Global Recession.
In his presentation, Mr. Bukar also called on Risk Managers in financial institutions to take more proactive steps to contain the magnetic stripe fraud menace, a current plaque in the e-payment sub-sector, while he charged human resource managers to conduct more stringent and regular background checks on employees.

EMV is an international e-payment standard developed by Europay, MasterCard & Visa (EMV),  to maximize e-payment security by replacing magnetic stripe cards with EMV chip and pin cards.

As a risk and liability management tool, it guarantees fraud protection for issuers, acquirers and cardholders.