Expert Urges CBN, EFCC to Stop Online Card PIN Usage for Safer Transactions 

A Nigerian British information security expert, Dr. Kingsley Aguoru, has raised concerns about the use of card PINs for online payments in Nigeria, warning that it poses a severe risk to consumers’ financial security. In a petition, Aguoru called on the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to urgently address this issue, highlighting that using card PINs for online transactions is outdated and dangerous. 

Why Online PIN Usage is Risky 

Aguoru, a Chartered Engineer with over 20 years in financial technology, explained that card PINs are meant for secure ATM and POS transactions, not for online payments. Requiring Nigerians to enter PINs online, as practiced by payment platforms like Paystack, Flutterwave, and Interswitch, leaves them vulnerable to cyber threats such as phishing, keylogging, and man-in-the-middle attacks. These security risks allow hackers to intercept sensitive card information and misuse it, putting consumers at high risk of financial loss. 

Safer Alternatives: OTPs and Multi-Factor Authentication 

Aguoru recommends replacing card PINs with one-time passwords (OTPs) or multi-factor authentication (MFA) methods, which are more secure for online transactions. According to him, combining OTPs with card PINs is both unnecessary and risky. Instead, he suggests using standalone OTPs or secure alternatives like hardware card readers that generate independent OTPs, which reduce the risk of fraud. Aguoru urged the CBN to lead the way in making online transactions safer by prohibiting card PINs for online payments and enforcing the exclusive use of OTPs or MFA across all payment platforms. He also emphasized the need for public education on secure online payment practices to better protect Nigerians from cyber fraud. 

Ensuring safer online transactions means protecting every Nigerian from the growing risks of cyber fraud. We must embrace secure alternatives and leave outdated methods behind.” – Dr. Kingsley Aguoru 

Aligning with Global Standards 

Banning PIN usage for online payments, Aguoru noted, would bring Nigeria in line with global best practices, strengthening consumer protection and reducing exposure to cybercrime. He advised the CBN to act swiftly to safeguard Nigerians’ finances by enforcing these recommended measures. 

Dr. Kingsley Aguoru’s call to ban online card PIN usage highlights an urgent need for stronger security measures in Nigeria’s digital payment systems. By relying solely on one-time passwords (OTPs) and multi-factor authentication (MFA), Nigerians can experience safer transactions without exposing sensitive card details to cyber risks. Embracing these updated security practices will not only protect consumers from potential fraud but will also align Nigeria’s financial security standards with global best practices. It’s essential for the Central Bank of Nigeria (CBN) to act swiftly, safeguarding Nigerians’ finances and building trust in the nation’s digital economy.