The Central Bank of Nigeria (CBN) is working toward the eventual replacement of the ATM PIN code with biometric identification.
The announcement was made at a recent Nigeria Electronic Fraud Forum, where Dipo Fatokan, of CBN, stressed the need to step up to the more secure biometric standard.
“Your [ATM] PIN and account details are not supposed to be disclosed to a third person,” he said, but added that cardholders who are illiterate or incapacitated often must share this information in order to use an ATM.
Biometric ID is the logical solution to this problem because, “There is no way you can give your finger to a third party.” No firm date was given for the shift to biometric ID, which CBN views as an essential element in the bank’s efforts to stop banking fraud.
Fatokan acknowledged that the high cost of biometric hardware means that migration will take time, “but I am sure we shall get there soon.”