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AN EXAMINATION OF THE LEGAL FRAMEWORK FOR CURBING ATM FRAUD: THE NIGERIAN BANKING INDUSTRY IN PERSPECTIVE
ABSTRACT: One of the innovations introduced in the banking industry in Nigeria to fast-track banking processes is the use of Automated Teller Machine (ATM). The deployment of ATM in the banking Industry in Nigeria coupled with the increase in the number of bank customers and branches resulted in the increase in the propensity to commit fraudulent practices through the use of ATM by fraudsters. Fraudsters have devised various means to commit the ATM fraud and swindle customers. Regulatory and institutional mechanisms have been put in place to combat incidences of ATM fraud in the banking industry in Nigeria. This article, therefore, examines these regulatory and institutional mechanisms in the banking industry in Nigeria and make appropriate suggestions for reforms.
KEYWORDS: legal framework, ATM fraud, Nigerian banking industry