Banks in the USA and China Have Stopped the Use of Payment Cards

Do you know some banks in America and China have stopped their customers from the use of payment cards? This decision was arrived at due to the incessant fraud issues encountered by the banks leading to the banks losing huge amounts in form of cash refunds to fraud coupled with rising cases of fraudsters using cloned Nigerian ATM cards to make transactions at shopping in malls in the USA and China. Apart from fraudsters using cloned payment cards issued by Nigerian banks to buy goods abroad, it was gathered that some of the payment cards had also been used to withdraw money from ATMs in foreign countries, especially In the US. Nonetheless,the growth in internent banking, online/web transactions especially in a country like Nigeria and most under-developed nations has gain ground as consumers have been made to get acclamatised with the recent trend in technology as nations now focuse on operating in a cashless enviroment. Customers now prefer to make quick transactions via alternative channells as its called inspite of the daily fraud skills developed by scammers and online fraudsters. Nigeria recently migrated from the use of Magnetic stripe cards to those of CHIP and PIN all in a bid to protect its customers as this new technology according to the deposit banks seems protected with strong technology. In recent times,most Nigerian money deposit banks almost made it compulsory in attaching at list a debit card to every account operated by its customers,perharps maybe to meet their target on enrolling customers on alternative channells or maybe to drive the countries cashless policy but which ever way,consumers are left with making a decision on whether to use the cards and face its consequences when it arises or whether to stick to the ancient system of banking without debit cards. The latest decisions on deactivating the use of payments by the affected banks un USA and China will pave way to tighthen up security in using alternative channells.click here to read more http://businessnews.com.ng/2015/01/20/banks-stop-atm-card-usage-usa-china/?wt=4