A Nigerian-British cybersecurity specialist, Dr. Kingsley Aguoru, has called for the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to address the “significant security risks” posed by using card PINs for online transactions. In a petition, Aguoru urged authorities to consider banning card PINs for internet payments, emphasizing that current practices expose Nigerians to substantial risks like phishing, keylogging, and man-in-the-middle attacks.
Dr. Aguoru, an experienced Chartered Engineer and Director of Information Security, highlighted that while the use of card PINs for online payments is still widespread among Nigerian payment providers such as Paystack, Flutterwave, and Interswitch, it is largely outdated worldwide. He argued that PINs, initially designed for ATMs and POS systems, employ secure encryption for physical transactions but leave users vulnerable when used online.
Aguoru, a pioneer of one-time passwords (OTPs) for online payments, voiced concerns that continued reliance on card PINs could enable cybercriminals to intercept and misuse consumers’ information. He advocated for safer alternatives, recommending that Nigerian consumers rely exclusively on OTPs or multi-factor authentication (MFA) for online transactions.
“Combining OTPs with card PINs is unnecessary and risky,” Aguoru stated. “Instead, customers should be provided with secure alternatives, like hardware card readers that generate independent OTPs.” He further urged the CBN to implement and enforce these security protocols and to promote public awareness on secure online payment practices.
Dr. Aguoru concluded by stressing that adopting these recommendations would align Nigeria with global security standards, thereby reducing the cybersecurity threats facing Nigerian consumers.
