Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Director of Information Security, has formally petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN), advocating for an immediate ban on the use of card PINs for online payments. His call aims to safeguard Nigerian consumers from potential fraud and financial losses.
With over 20 years of expertise in financial technology and security, Aguoru expressed grave concerns about the vulnerabilities inherent in Nigeria’s current online payment systems. In his petition, titled “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria,” he highlighted that the reliance on card PINs in digital transactions exposes users to significant risks, including cyber fraud.
“Card PINs were primarily designed for in-person transactions at ATMs and point-of-sale (POS) terminals where secure encryption methods provide protection,” Aguoru stated. “Utilizing them online unnecessarily compromises consumer safety.”
Aguoru recounted his experience in developing a solution in 2005 to combat fraud in card-not-present transactions in the UK, utilizing innovative online and offline one-time password (OTP) models. Despite initial rejections from major networks like Visa and Mastercard, his OTP model has since been adopted as a global standard for authorization.
He criticized Nigerian payment providers such as Paystack, Flutterwave, and Interswitch for their continued use of card PINs in online transactions, a practice he described as outdated and hazardous. “The use of card PINs online exposes consumers to serious cyber threats, including phishing, keylogger attacks, and other forms of cyber intrusion,” Aguoru explained.
To enhance security, Aguoru proposed that OTPs or Multi-Factor Authentication (MFA) should be the sole means of verifying online transactions. He also suggested the introduction of hardware card readers that would allow customers to enter their PINs securely offline and receive a generated OTP, thereby mitigating online risks.
In his appeal to the CBN, Aguoru emphasized the need for the apex bank to take proactive measures to protect consumers from cyber vulnerabilities. “I urge the CBN to eliminate web PIN entry for card payments and mandate the implementation of OTP or MFA across all payment providers,” he stated.
He also highlighted the importance of educating consumers about safe online payment practices to minimize their exposure to cyber threats. Aguoru underscored the necessity for the CBN to enforce compliance with modern security standards across the industry, thereby ensuring the safety of Nigerian cardholders.
By implementing these recommendations, Aguoru believes that the CBN can significantly reduce risks for consumers and align Nigeria’s payment systems with international best practices, enhancing the overall security of online transactions in the country.
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