By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The central bank of Nigeria (CBN) at the weekend issued a June 01, 2014 deadline for all deposit money banks (DMBs) in the country to install anti-skimming devices on all their respective Automated Teller Machines (ATMs) to check fraud.

The CBN in a circular with reference number BPS/PSP/GEN/CIR/05/001 dated March 05, 2014 and signed by Dipo Fatokun, the Director of Banking and Payments System Department said all banks are mandated to install the anti-skimming device on or before June 01, 2014.

The CBN said that Nigerians has adopted the ATM as an e-pyament channel; but observed with dismay an upward increase in the number of ATM related fraud in the Nigerian banking system.

The circular reads thus: “CBN has observed with satisfaction, the growth in the adoption of ATMs by Nigerians, as one of the channels of e-payment. The bank is therefore, committed to ensuring that the deployment and management of ATMs are in line with global best practices.

“However, we have observed with dismay, an increase in the number of ATMs-related fraud in the banking system. This development does not portend good for the industry and requires urgent steps to curb the abuse.

Consequently, in addition to the existing guidelines on card related frauds and to guard against card skimming at ATM channels across the country, all DMBs are hereby mandated to comply with the provisions of Sections 3.2 ATM Operations and 3.4 ATM Security of the Standards and Guidelines on ATM Operations in Nigeria.”