Online Transactions Under Threat: Expert’s Dire Warning To EFCC And CBN About Card PIN Use

Online Transactions Under Threat: Expert’s Dire Warning To EFCC And CBN About Card PIN Use

In a recent statement, Dr. Kingsley Aguoru, a Nigerian-British cybersecurity expert, has cautioned the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) on the risks associated with using card PINs for online transactions..…..CONTINUE READING 

Aguoru, a Chartered Engineer and Director of Information Security, emphasized that Nigeria’s reliance on card PINs for online payments presents a serious financial security threat. He recommends the CBN immediately implement a ban on PIN-based online transactions to safeguard Nigerian consumers.

In a petition obtained by The PUNCH, Aguoru highlights the increased vulnerability of Nigerian consumers to phishing, keylogging, and man-in-the-middle attacks due to this outdated practice. He noted that payment providers like Paystack, Flutterwave, and Interswitch still require card PINs for online transactions—a system widely phased out globally.

Aguoru argues that PINs were designed specifically for ATM and POS transactions, where security encryption is optimized, while their use online leaves consumers open to cyber attacks. Instead, he advocates for the adoption of one-time passwords (OTPs) or multi-factor authentication (MFA), which offer more robust protection.

Additionally, Aguoru, credited with pioneering OTP solutions for online card transactions, suggests that hardware card readers generating OTPs could provide Nigerian consumers with safer alternatives.

He urged the CBN to enforce these security protocols and educate the public on safe online payment practices, asserting that such measures would align Nigeria with international best practices and significantly minimize cyber risks for Nigerian consumers.