Opportunity for Nigerian banks to combat ATM fraud.

As a veteran and an expert in the subject matter, Mr. Douglas F. Russell, the Director, DFR Risk Management Limited, United Kingdom, has agreed to visit Nigeria, in partnership with MCSI Consulting Limited, on a mission to share knowledge with all the stakeholders to fully understand the threats that the country and the operators are up against from international and domestic criminal-syndicates. The in-depth 4-day training course titled Combat and Investigate ATM/ POS and eChannel Fraud, will be run from July 27-30^th in Lagos. 

Banks and consumers lose several millions of Naira to fraudsters on a daily basis as a result of financial transactions carried out through electronic systems.  Perhaps even more concerning, consumers are losing confidence in the security of the banks’ electronic channels including ATMs. Point-of -Sale and eCommerce in general.

The menace of ATM fraudsters will not abate, but will continue to hound the nation’s banking sector unless there is a concerted effort by banks, law enforcement agencies and financial crime investigators/prosecutors to fight the challenge.  Research has shown that both the chip and the magnetic stripe cards are vulnerable to attacks.

It is further disheartening to note that ATM Frauds have been successful due to support and collaboration provided by unscrupulous INTERNAL employees. It is equally not certain our police and other financial crime investigators have what it takes to check the challenges as regards carrying out an effective and conclusive investigation to nail the culprits. This means that, for a long time, these unbudgeted losses by the customers/banks will continue while the banks are suffering reputational losses.

In order to put a stop to the hydra-headed challenges, it has become very imperative for ATM Deployers, Systems Auditors, Internal Auditors/Controllers, Legal Teams, and Operational Risk Managers to acquire knowledge and skills on how to prevent, detect and investigate all forms of ATM/eChannel Frauds.

With more than 20 years of experience, including being Head of Fraud & Risk Management at NCR, responsible for fraud-related matters covering more than 300,000 machines installed globally, Douglas will be sharing an experience that is hard and rare to find, with a curriculum that is vendor-neutral and with applicable methodologies that affect all makes of machine.

The 4 days training coming up between July 27-30, 2010, in Lagos, will address the following: EXPLOSIVE ATTACKS, SOPHISTICATED TERMINAL COMPROMISE, CARD DATA COMPROMISE, VANDALISM AND CUTTING, SOFTWARE HACKING, HARDWARE HACKING, CASH TRAPPING, CARD THEFT, CARD SKIMMING, PIN COMPROMISE, TRANSACTION REVERSALS, NOTE SUBSTITUTION, RAM RAIDS, PRACTICAL WORKSHOPS ON INVESTIGATIVE PROCEDURES, TERMINAL HARDENING CHECKLIST and other attack methods that are soon coming to Nigeria.

This event is strictly for those directly responsible for the protection of assets and investigation of eChannel/Self-Service Terminal crimes.  In order not to share sensitive information with criminals, non-industry employed people will not be admitted into the training, while corporately sponsored participants shall be authenticated to be involved with protection and management of Self-Service channels.

Participants will learn about the multitude of common and less-common internal and external attack methods and will acquire the skills required to investigate, characterize and manage incidents. They will understand how to effectively implement proactive and reactive incident-management strategies to reduce financial losses and protect consumer confidence.

Registration into the programme can be achieved by contacting MCSI Consulting Limited by email:   This e-mail address is being protected from spambots. You need JavaScript enabled to view it