2002-08-30 | BPS/DIR/CIR/2010/GEN/01/169

CIRCULAR ON THE NEED TO COMBAT CARD FRAUD

The Central Bank of Nigeria has issued a circular directing all Deposit Money Banks (DMBs) to implement measures to combat card fraud. Key requirements include setting daily limits for ATM cash withdrawals and other transactions, implementing mandatory 2nd level authentication for internet transactions, sending SMS alerts to cardholders for debit transactions, and deploying fraud monitoring tools to monitor spending patterns and automatically stop abnormal transactions perceived as fraudulent. Temporary staff are not permitted for card management and issuance/distribution of PIN mailers, and non-compliance will result in appropriate sanctions.

Nigeria

Central Bank of Nigeria

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