Rwanda : Bank experts share ideas on the issue of ATM fraud
Finance experts meet to discuss key security issues affecting ATM’s from both physical and logical perspectives focusing on increasing knowledge of ATM and card fraud at Serena hotel, Kigali.
The aim of this workshop is to ensure that workers can effectively investigate all types of ATM and card fraud, maintain self and card service channels security and integrity and effective security measures are implemented prior to losses caused by migrating attacks.
Money transfer on internet and mobile phones seems to be not secure as bank practitioners exchange ideas with companies that manufacture the ATM cards.
According to Rwanda switch limited acting chief executive officer, Otaka Zich “Rwanda is emerging market in the world and people are investing a lot in banking sector using electronic transactions which needs a lot of security from internet manipulators”
Rwanda switch is the company that deals in manufacturing of ATM cards to banking institutions in Rwanda. Currently 10 banks in Rwanda use ATM transactions and in 2010, 45 billion Rwf were withdrawn through ATM transactions.
As technology keeps on changing, mobile banking seems to be the most convenient way of money transactions in the world but it has been proved by experts that there’s a possibility of losing money to hackers who manipulate the sim cards to steal people’s money.
Murenzi Bosco, a participant said “when you register with any bank to get ATM card, the bank workers choose for you a pin number and no mechanism to change it. This means some one knows my pin number not me only”
Rwanda switch experts are working on that issue by letting different departments work on the issuing of ATM cards. This means one department will be dealing in issuing pin numbers and the other on cards but this still needs a lot of work to ensure people’s money safety.
In countries like Kenya, Uganda and Burundi were given as examples where such fraud business of cards is practiced but in Rwanda most cases of card manipulation comes from within family members.