Card Fraud:ValuCard Trains Banks, EFCC, Others

ValuCard Nigeria, electronic payment switching provider, has commenced intensive 2-day Card Fraud Management training for executives, senior officers and operatives of banks, the Economic & Financial Crimes Commission (EFCC), Nigeria Immigration Service, Nigeria Customs Service, National Drug Law Enforcement Agency (NDLEA) and the Nigerian wing of Interpol. This is coming at the heels of the successful inauguration of ValuCard’s Payment Card Fraud Management Forum in November last year.

The programme is aimed at equipping participants with requisite knowledge, skills and strategies to prevent, investigate, apprehend and prosecute card fraudsters.

The training is necessitated by the increasing number of high profile banks in the country that are now issuing domestic and international Visa cards to their discerning customers for use as means of payment at Points of Sale, for purchases over the Internet as well as for making withdrawals at ATMs within and outside Nigeria via ValuCard’s world class switching, transaction processing and acquiring platform.

It is also coming at a time when ValuCard is piloting a new cost-effective global money transfer solution aimed at enabling Nigerians in the Diaspora to remit money to their loved ones in Nigeria via a secure Internet channel.

According to Mrs. Ochanya Dan-Ugo, head, Risk & Control of ValuCard, the training curriculum include identification of key payment card fraud issues, formulation of cohesive and effective card fraud & risk management strategies in line with global best practices in the payment card industry, as well as development of counter-measures to deal with fraud and other criminal activities in the payment industry.

Mrs. Dan-Ugo explained that the primary objectives of the training is to protect cardholders against the antics of card fraudsters, increase risk management efficiency amongst participants, and to protect the country’s image as it relates to economic crimes.