Is the Chip and PIN totally immune to fraud?
Experts have noted that even with the chip-and-PIN ATMs, some machines will default in reading if the chip is defective and allow the transaction to go through. According to experts, e-banking technology is an evolving concern, and fraudsters are always inventing ways forward. “These people are not resting too. As we are striving to bring in the new cards, they are also inventing ways of breaking into the security features. It’s just that breaking into the security provided by this technology would make their lives miserable. The Chip and PIN cards we are ordering are like the Type 1 previously used abroad. They have left those and have started issuing an improved version to their customers.” Switch competitors emerge New competitors are emerging in the electronic transaction switching and payment processing industry, initially monopolized by Interswitch. The web site of the Central Bank of Nigeria defines a switch as a system that captures electronic financial transactions from touch-
