GLOBAL payments technology firm Visa has urged banks to shift from use of old model ATM cards to the modern ones with high security chip and pin technology to curb rise in ATM fraud.
Visa said the modern EMV chip cards have strong authentication levels with a microchip that is "virtually" impossible to crack or replicate.
"It is notable to say that fraudsters always take advantage of markets where there is low EMV acceptance and commit widespread cross border fraud," said Visa in a statement.
Several bank customers in the country had their bank accounts hacked in December and withdrawals through ATM machines. Visa said it was committed to secure the payment system through continuous enhancement and improvement of technology.