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When it started, the Automated Teller Machines, popularly called ATMs brought joy, happiness and convenience to bank customers.

At the touch of a button, a customer concludes his or her banking transaction in just one minute. Apart from the convenience of use, especially during non-banking hours, ATM’s helped banks to clear hitherto congested banks halls. Nigerians quickly embraced and applauded its introduction as almost every bank customer was armed with one or even more of its access cards.

Today, the situation has changed. It is no longer Uhuru with the bank customers and their ATMs. The cherished ATM has become what many people would love to hate. It has become like a hot potato in the mouth of many, ready to vomit. No thanks to the activities of fraudsters who have turned the once sought after facility to a nightmare, a had I known.

Daily, the number of bank customers who have fallen victims of ATM fraudsters are swelling. Their stories are as pathetic as they are chilly. In some instances, customers accounts are allegedlly cleared by cyber thieves operating with ATMs. To worsen the situation, mostly, no traces of the thieves are found, leaving the customer with regrets and, of course, blames by the banks, of either misplacing his or her cards or have compromised them. But most victims said they could swear that their ATM cards Personal Identification Number (PIN) were never compromised.

The buck-passing aside, investigations have shown that apart from the physical stealing of ATM cards by unscrupulous individuals, most account holders lose their money to criminal minded relations, often children, brothers or sisters who connive with others to perpetuate the crime. It has also been discovered that there is equally a band of thieves in some banks’ employ who give out customers PIN numbers to their collaborators outside the banking system.

The criminals even had the temerity last year to send SMS to ATM holders, demanding details of their accounts and PIN numbers. Many fell victim to the gang that was able to clone the website of Interswitch, the ATM service provider.

Most astonishing is the level of sophistication in the operational modalities of the criminals. They are reported to have discovered that certain ATMs do not come with camera’s while others have their manuals posted online, making it easy for the thieves to locate by using a search engine. Through this method, the ATMs could be manipulated to dispense as much cash as the operator wants and demands.

In most of the frauds cases, customers are left to their fate by the banks and the service providers, bringing up the question of who takes responsibility for such losses. Is it the hapless customer, the bank or the service provider?

It has become pertinent at this point to remind banks of their responsibility to their customers who pay their salaries. Banks are by duty supposed to protect their customers’ accounts and since they keep their money in the banks’ custody, they (banks) should take responsibility for any loss. But on the other hand, if it is discovered that the fault comes from the customer, he or she should carry the can of worms.

It is also time the regulating authorities take a serious interest in the rising cyber crime in the banking and finance industry with a view to stamping it out. A fraud regulatory body should be set up, as were the cases in South Africa and Britain. The Central Bank of Nigeria (CBN), the Bankers Committee and Interswitch should team up to set up a Fraud Intelligence Unit that would monitor and alert banks and customer of any incidence of fraud in the bank. The service provider cannot carry out this surveillance function alone. It needs the cooperation and assistance of the Bankers Committee and Central Bank of Nigeria.

Also, Interswitch should ensure that ATMs with recording video camera’s are brought into the country and installed by banks, while the banks should make concerted efforts to clean their systems of rogue staff who compromise their positions. The best way to do this is to ensure a strict monitoring of workers’ lifestyles and behaviours in and out of the banking office.

On their own, customers should endeavour to protect their PINs, ensuring that only them have access to the numbers. On no account should customers disclosed their PINs to their children, girlfriends, boyfriends, brothers or sisters. Above all, efforts should be made by all to contain this raging fire of ATM fraud now, otherwise, it will degenerate to a systemic erosion of confidence in the ATM facility and the banking industry in general. The ATM technology is supposed to bring convenience and happiness, not pains and agony as the present situation depicts.