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Monday, May 13, 2013

Shocking!! ATM Dispenses Fake N1,000 Bank Notes

THERE is a disturbing development in the
banking industry as some banks' Automated
Teller Machines (ATMs) now dispense
counterfeit currencies, particularly the N1000
notes, which is the highest denomination in
the country.
A drama played out last week in Lagos when
a customer who withdrew money from an old
generation bank went to another bank few
metres away to deposit part of the money in
another bank, but was shocked when the
cashier told him that some of the N1000
notes were fake. Efforts to explain the source
of the money were rebuffed. The cashier and
customers in that bank confirmed that the
development was not strange but was now
becoming rampant.
Another victim who withdrew some amount of
money from an ATM in Ibadan was stunned
when he was told by a cashier in his office, in
an attempt to make some deposit, that two of
the one thousand naira notes were fake.
Efforts by Nigerian Tribune to get response
from the affected banks proved abortive as
they claimed ignorance.
Different opinions have been expressed on
this disturbing situation. An ex-banker, Paul
Ejodamen told Nigerian Tribune that, there is
human factor in the whole arrangement,
urging banks to put measures in place to
stem the trend.
A head of corporate affairs in one of the
banks who pleaded anonymity, did not rule
out the handiwork of people he described as
'bad elements' in the system.
According to him, there is need for the banks
to take extra vigilance on those uploading
money into the ATMs and double-check
bundle of currency notes being put in the
vaults by the Tellers.
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