A financial expert, Dr Kingsley Chibuzor Aguoru, has called for the adoption of Strong Customer Authentication (SCA) to protect Nigerians against online fraud.
He spoke in a statement in Owerri titled: “The Need for Uniform Payment Security Standards in Nigeria: A Call for MasterCard and Visa Accountability.”
According to Aguoru, “We demand that MasterCard and Visa respect the rights, security, and sovereignty of Nigerian consumers by immediately addressing the following: “Remove Private Branding from the National Identity Card. We ask MasterCard to end its co-branding on Nigeria’s National Identity Card, allowing it to serve solely as a tool for national identification.
“Uphold Global Security Standards for PIN Usage MasterCard and Visa must ensure that PINs are limited to card-present transactions only, as in the West, to reduce fraud and protect Nigerian consumers.”
He called for the “Implementation of Strong Customer Authentication (SCA). We insist on the implementation of SCA protocols for Nigerian consumers, granting them the same protections from online fraud as those in other parts of the world.”
He emphasised that “Strong Customer Authentication (SCA) is a well-established, multi-factor security protocol that is legally required for online payments in Europe. SCA has proven highly effective in reducing fraud by requiring two-factor authentication for electronic payments.
“While this protection has been extended to consumers in the West, it remains conspicuously absent here in Nigeria, despite our own need for secure digital payment methods. Why should Nigerian consumers face lower security standards?
“If SCA is necessary to protect European consumers, it is equally necessary here. We call upon MasterCard and Visa to implement SCA across all digital transactions in Nigeria to align with international security protocols.
”There is need to Collaborate Transparently with Regulatory Bodies. We expect MasterCard and Visa to work openly with Nigeria’s Central Bank and relevant authorities to promote safe and ethical payment practices.”