Fraud: Why POS operators, fund recipients’ documents should be verifiable – Reps

The House of Representatives, has urged relevant authorities to ensure the proper documentation of operators of Point of Sale (POS) terminals, as well as recipients of funds through their transactions in order to address cases of fraud.

“By mandating the collection of necessary identification information and conducting regular verification checks, we can strengthen the security of financial transactions and uphold the integrity of our financial system”, Hon. Chike Okafor who sponsored a motion on the matter on Wednesday stated.

He argued that implementation of verifiable documentation of POS users and fund recipients’ identities is crucial for safeguarding our financial system and promoting financial transaction decency in Nigeria.

“Let us work together to enact policies that prioritize security, accountability, and transparency in all financial transactions conducted through POS devices”, he said, noting that carrying such exercise was long overdue.

“We have evidently witnessed embarrassing and helpless situations since the introduction of POS. Enhancing Security and Financial Transactions Decency through Verifiable POS User Documentation and owners’ identity will go a long way to provide a platform where Nigerians are protected from fraud and associated crimes with POS.

“For the sake of our constituents who have fallen victims of POS fraud and its associated issue of identity problems calls all of us to action as I urge this honorable House to consider and support the implementation of verifiable documentation requirements for POS users and fund recipients in Nigeria”, he submitted.