CBN to use fingerprint scanner to check ATM frauds

CBN

Prof. Charles Ayo, the immediate past Vice-Chancellor, Covenant University, Ota in Ogun, has advised the Central Bank of Nigeria (CBN), to use fingerprint scanner to check Automatic Teller Machines (ATM) frauds.

Ayo gave the advice at the seventh inaugural lecture organised by the institution to mark its 14th Founder’s Day on Saturday in Ota.

The lecture is entitled: “Deconstructing the National Development Agenda; The Role of Information and Communications Technologies (ICTs)’’.

The former vice-chancellor said that the policy do not require any special design as the current system could accommodate the proposed features at minimal cost.

“The fingerprint authentication will be a cheaper alternative than to relocate all ATMs to safer premises.
“The introduction of fingerprint scanner will further boost the apex bank’s policy in addressing frauds in the country,’’ he said.

Ayo attributed frauds and other related social vices like cultism, insurgency and militancy to negligence and under funding of the nation’s educational system.

The former vice-chancellor said that no nation could develop in an atmosphere devoid of peace, probity, accountability, transparency and adherence to the rule of law.

He, however, urged the Federal Government to invest massively in the education and deployment of ICTs in all operations and services as antidote to poverty, ignorance, and to unlock national development.

In his remarks, Dr David Oyedepo, the chancellor of the institution, said that universities in Nigeria and other African countries should respond to issues and problems facing them through huge investment in education.

Oyedepo urged them to look at education as a core requirement in solving their problems and restore their glories without waiting for any foreign assistance.

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