Information Security Expert Urges CBN to Ban Card PINs for Online Transactions Over Security Risks.

Dr. Kingsley Aguoru, a Nigerian-British information security expert, has called on the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to ban the use of card PINs for online transactions, citing major security risks to Nigerian consumers.

Aguoru, a Chartered Engineer with over 20 years in financial tech, in a petition argued that requiring card PINs for online payments exposes consumers to cyber threats like phishing and keylogging attacks.

He emphasised that this practice, adopted by Nigerian providers like Paystack, Flutterwave, and Interswitch, is outdated globally.

Aguoru urged the CBN to enforce the exclusive use of OTPs or multi-factor authentication (MFA) for online payments, eliminating card PIN requirements.

He also recommended secure alternatives, such as hardware card readers for OTP generation, to strengthen consumer protection.

By aligning with global security standards, Aguoru believes Nigeria can significantly reduce consumer risk, urging immediate action from regulatory bodies to safeguard online payment systems.