ACCESS Bank Zambia has introduced on the market two facilities that make it difficult for swindlers to fraudulently access other people’s bank accounts or replicate automated teller machine (ATM) cards, frauds which the market has witnessed in recent weeks.
The bank was the first in Zambia to introduce a debit card that has a microscopic chip and pin facility to prevent fraudulent access to accounts.
Access Bank Zambia head of corporate communications and brand management, Glenda Tutula said the bank designed the chip and pin facility to reduce fraudulent incidences and protect customers from such practices.
Ms Tutula said the bank was the first in Zambia to introduce the ‘chip and pin’ facility, and was committed to enhancing security measures to increase safety among customers. The card is acceptable for use at ATMs globally.
She said the bank had also introduced the Access debit alert facilities, equally designed to protect its clients from fraud as the customer is notified automatically and electronically through the mobile phone at any time that a transaction takes place.
“Access Bank has introduced access debit alert, a text message which would be reflecting on the customer’s phone indicating that a transaction was being carried out,” he said.
Whenever money was being withdrawn from a client’s account, the system would send a text message to the customer detailing the time and date when the transaction took place as well as the branch where it was transacted and how much money was withdrawn.
“We have decided to come up with the chip and pin debit card and the access debit alert to protect our customers from being swindled and I am very optimistic this will increase our safety measures and help reduce incidences of fraud,” she said.
Ms Tutula said all Access Bank clients would have the chip and pin debit card and would be receiving a text message of their mobile phones through the access alert service.
The facility could help in addressing the frauds that some banks in the country have reported in recent weeks through the Bankers Association on Zambia (BAZ).
Meanwhile, the Bank of Zambia (BOZ) has said it is aware of the reported frauds presented by BAZ and the central bank is awaiting a comprehensive report from the association for it to determine the extent and amount of money lost in the recently reported frauds through debit cards and act accordingly.
BoZ governor, Caleb Fundanga has described the incidences as a temporary setback in efforts that the banking system in Zambia has been putting in place to avoid fraud.
Dr Fundanga said at the just-ended Zambia Agriculture and Commercial Show that there was need to maintain progress on the measures, especially through automation of transactions.
[pullquote]However, they said preliminary reports indicated that the most affected were retail bank customers who travelled and sought bank services from neighbouring countries.
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Earlier, BoZ head of public relations Kanguya Mayondi had said the central bank was aware and was monitoring fraud reports through the updates obtained from BAZ, but could only act upon receiving a full report.
“BOZ is aware of the fraud cases reported by individual financial institutions through BAZ, but we will act on the matter upon receiving a comprehensive report from the bankers’ body,” said Mr Mayondi.
Debit card fraud alarms were recently revealed by some retail banking customers in Zambia who reported suspicious debit card transactions on their accounts across some local financial institutions.
However, they said preliminary reports indicated that the most affected were retail bank customers who travelled and sought bank services from neighbouring countries.
[Times of Zambia]
Is Access Bank really the first bank to introduce this mobile phone alert system in Zambia? Whenever I withdraw money from my Standard Chartered Bank account using an ATM or whenever the bank deducts money from my account towards the repayment of the loan I have with it, they send me a text message almost immediately to alert me about such a transaction. How does this differ from what Access Bank is talking about?
Hey Mu Zambian…its not the SMS alert thing which is new, its the micro Chip embedded and pin ATM/debit cards which is new and the first of its kind in the Zambian banking system.
Is this not the Nigerian bank? Be careful my firends. Nigerians are bad
Access bank show them boys. These traditional banks have been taking us for a ride. Please more branches and target the less banked pipo as well. We need you in lstone asap.
Nigerian Bank; the origin speaks it all. Crime of this nature is so rampant in their country that it would be impossible to do business without these technologies, nway thumbs up.
I’ve a chip in my Western nation bank card, but they don’t send me texts every time I use my card. The bank monitors fraud activities 24/7 & blocks anyone trying to take money fraudulently & then they notify me. Good move by access bank, but I will not deposit my money there.
Access Bank is Nigerian bank. Be careful my firends. Nigerians are bad. Why do we have increased drug trafficing in women in our country now? Its the Nigerians we have brought in our country. Just wait and see
People get your facts right,it is not the first of its kind in the Zambian market, remember Meridian Bank
They were the first bank globally to introduce that technology……..
However ask yourselves………who owns the rights to that technology as now every bank world over is implementing the technology………..clearly Meridian was years head of the market and technology uptake at the time
Would Lubinda stop exposing his ignorance as not all nigerians are crooks as you make it seem, a little bit more exposure would have shown you that they are just as many if not more hardworking nigerians that earn an honest living, its just sad that the few rotten apples spoil the reputation of them all.
The chip & pin is a welcome move, cant understand why its taken this long to hit the zambian market, hope more banks make this move as if you have been to a western country you would know that swiping is actually discouraged as cards are easily cloned by that method.
## 9 (kapalwe)
Who does nt know the 419 scam of Nigerians. Are u one of them. everywhere Nigerians are suspects. The are not wanted here in Europe. Lets call a spade a spade. Your claim will not remove the criminality of these people.
Nigerians are crooks as fully acknowledged that in zambia bembas are common thieves are untrustworthy . Does that make all bembas thieves. I rest my case..access bank is doing a good job
there is nothing new about both the micro-chip and the sms alert and in any case it is of no use to be informed of the transaction after the money is gone. this bank is just trying to capitalise on the dire situation to make their presence known in a difficult market without adding any value to the baning sector. most progressive banks provide this service all over southern africa but fraud is still rife.
You guys clearly have very short memories. Meridian Bank, the old Andrew Sardanis’ (foolish man who was an advisor to KK) funded bank that the MMD brought down (both Penza, Chiluba heavily profited) was the first bank in the world to introduce the chip and pin.
Nigerians are crooks, Nigerians are crooks…..same story everywhere. We are hard working people. The few who are into crooked activities did so out of desperation. The country has close to a hundred tertiary institutions yet it’s difficult for graduates to get employment. Its a hussle society, dog eat dog society. Them talk say man wey no fast, na him slow. Not all are crooks. Access Bank is a strong bank with a strong capital base. They are not there to steal from you guys but to make money too. Nobody is forcing you to deposit with them but guess what, we are here to stay…whether you like it or not.
is it a Conspiracy that this Nigerian bank was not affected by the frauds?