"Transaction approved": Man Shares How PoS Operators Access Your Bank Account Without Your ATMs

"Transaction approved": Man Shares How PoS Operators Access Your Bank Account Without Your ATMs

  • A video has displayed the ability of PoS terminals or machines to collect customer's bank details
  • The video shows a man stealing the bank account details of an unsuspecting man at ATM point
  • Many financial institutions are developing contactless details to ease transactions

A man has shared how technologies used by most PoS operators can store and retrieve your bank details without your ATM details.

In a video posted on social media, a man was seen with an ATM tapping another man's back pocket containing his financial cards.

PoS, SoftPoS
A man displays how criminals can access your bank account details using contactless PoS
Source: UGC

New contactless technology steals peoples bank account details

The video shows the ATM printing out what appears to be a transaction receipt after the man's back pocket gets tapped.

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They revealed that it is part of a contactless technology being developed by top companies to ease transactions worldwide but could be exploited by criminals.

In recent years, banks and other top financial institutions worldwide have sought ways to ease customer transactions.

It is still being determined which company developed the latest technology, but checks reveal that they are gaining popularity among merchants and businesses worldwide.

Nigerian companies developing contactless card technologies

In Nigeria, PoS uses are at their peak, employed by financial companies which seek to ease transactions across all formats and touchpoints.

Analysts worry that cyber criminals could exploit the latest technology in Nigeria to access and steal from unsuspecting victims' accounts.

Some banks in Nigeria are already touting contactless technology to eliminate time and save costs.

Kuda Bank launches SofPoS, lets users accept card payments from their phones, ends free transfers

Legit.ng reported that Nigeria’s first digital bank, Kuda, has added a new feature to its Kuda Business app, which includes Sales Mode, Kuda Payroll, and business registration.

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TechPoint reported that the Nigerian neo bank would launch a SoftPoS feature, enabling users to accept smartphone card payments.

SoftPoS permits customers to accept contactless cards and turn their smartphones or tablets into a secure payment terminal or Point of Sale (PoS). The feature runs on Android version 8.0 or higher with an NFC module, while payments can be made using plastic or virtual cards.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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