"Warning of Fraud: Palmpay and Opay respond by implementing account modifications, urging customers to update their information."

  

Story by: Iyiola Ayomide

The importance of consumers being aware of their online security becomes crucial as electronic payment platforms become increasingly popular. 

Recent data indicates a significant increase in the number of Nigerians using electronic platforms for their daily transactions. 

 A report from the Financial Institutions Training Centre (FITC) reveals a staggering surge of 276.98% in fraud cases in Nigerian banks during the second quarter of 2023. New risks and concerns arise for both operators and users as the utilization of digital payment platforms expands. 

Chika Nwosu, MD/CEO of PalmPay, implemented the Wallet Safety Workshop in 2022 to guarantee the confidentiality of user transactions and establish dependable and secure transactions. 

 This monthly initiative aims to enhance customers' awareness of payment security, enabling them to enhance their overall understanding of security, effectively handle their personal information online, and have the ability to identify and steer clear from electronic scammers and false information. 

 PalmPay has utilized various means such as the mobile app, social media platforms, the official website, and printed materials to effectively promote and raise awareness about instances of social media and telecom fraud, along with educating individuals on how to identify fraudulent activities and precautionary measures to prevent falling victim to such scams. 

Over the last year, PalmPay has been providing education to users and the public about different aspects of cybersecurity understanding. 

 These include the management of passwords and devices, recognizing potential risks, identifying phishing attempts, detecting fraud, and ensuring payment security. 

 PalmPay has made substantial enhancements to its security measures internally to empower users in safeguarding their accounts. 

 The Fintech company has conducted an internal audit of accounts and taken steps to combat fraudulent activities by prohibiting numerous problematic accounts, thereby improving user account security. Users can now manage their devices by controlling trusted ones and removing untrusted ones. 

 In order to maintain high-level security, when accessing the PalmPay app from an untrusted device, users must go through a thorough security verification process which combines OTP and PIN.

 Furthermore, a feature has been added to enable users to automatically log out after a period of inactivity. Users can set a specific time limit and upon re-entering the application, they will be required to enter their PIN. 

Moreover, PalmPay provides additional options for account access such as fingerprint and facial ID login, aiming to improve security measures. By 2023, numerous users have successfully connected their secure email addresses to ensure convenient reception of in-app OTPs (one-time passwords) and receive future notifications related to security. 

 PalmPay is enhancing its dedication to protecting user security by incorporating liveness detection and facial recognition features into its transaction processes, especially during withdrawals. By implementing this security measure, PalmPay guarantees a more precise verification of possible fraudulent behaviors and unpermitted entry, providing additional protection to customer accounts. 

 PalmPay recently launched the latest version of the PalmPay Business App, which includes an extensive security enhancement. The app now incorporates advanced functions like liveness detection and facial recognition. 

 The improved system ensures that the actions performed by the user are indeed executed by the authentic account owner. Even in situations involving telecom fraud, where confidential details like OTP/PIN may have been compromised, the system can utilize facial recognition to validate the user's identity, thus protecting customer accounts and financial resources.