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As firm  unveils tech to eliminate ATM fraud

By Cynthia Alo

 

President of the Lagos Chamber of Commerce and industry, LCCI, Mrs Toki  Mabogunje, said that poor infrastructure, policies, lack of conducive operating environment, among others, have constrained the production and sustenance of the pulp industry in Nigeria.

Speaking at the product launch of the FAE Limited at  the 7th day of the Lagos International Trade Fair (LITF), Mabogunje stated: ‘’The paper industry has not been operating at a maximum capacity over the years and this is due to several factors like policy and  poor infrastructure, among others. The sector has also, for long been dependent  on importation and this has affected its productivity  and sustainability.’’

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She charged government at all levels to put measures in place to ensure the resurgence of the pulp industry.

In her remark, Managing Director/Chief Executive officer, FAE Envelopes, Funlayo Bakare-Okeowo, said the launch of  Radio Frequency Identification  (RFID) blocking ATM card cover will eliminate card fraud and scam across the globe, especially in Nigeria .

According to her, with the RFID card cover,  information on credit cards, debits cards are well protected from hackers and fraudsters.

According to her, the paper industry is aware of the change in the narrative and has decided to be innovative with RFID.

She said: ‘’As technology evolves, it is no news that the future of making payments is going contactless. Contactless credit cards are cards that use Radio-Frequency Identification (RFID) for making transactions.  As far back as 2015, the contactless card has been introduced into the Nigerian market and over 10 million Nigerians use contactless cards without knowing its advantage and disadvantages.’’

She explained that as good as the features of contactless card are, not many users are aware that their cards can be read with powerful RFID readers from a distance of 100-meters by malicious hackers on the quest to steal the financial data of unsuspecting users.

This, according to her, prompted  FAE’s solution to electronic pick pocketing. ‘’Our card cover is manufactured with shielded sleeves that block RFID energy required to power the chip on contactless card,” she stated.

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