PalmPay launched the Wallet Safety Workshop in 2022 to secure the security of customer transaction privacy as well as stable and reliable transactions. This monthly payment security awareness program assists customers in improving their general security knowledge, managing their personal information online, and learning how to identify and avoid e-scammers and bogus news.
As electronic payment platforms gain popularity, consumers’ online security becomes increasingly important. According to recent data, Nigerians are increasingly using electronic platforms for day-to-day transactions. According to a recent study by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian Banks for the Second Quarter of 2023, fraud cases have increased by a whopping 276.98%.
“With the growing use of digital payment platforms,” says Chika Nwosu, MD/CEO of PalmPay, “new risks and concerns emerge for operators and users.” PalmPay has been using online and offline channels, including the app, social media, the official website, and printed materials, to publicize and expose examples of social media and telecom fraud, as well as how to spot fraudulent behavior and the steps to take to avoid being trapped, since the workshop’s inception.
PalmPay has spent the last year teaching users and the general public on topics such as password and device management, risk identification, phishing, fraud detection, and payment security.
PalmPay has greatly strengthened its internal security mechanisms in order to empower consumers in account protection. To improve user account security, the Fintech has taken action against fraudulent accounts by investigating internal accounts and banning thousands of problematic accounts.
With the addition of the device management tool, users may regulate trusted devices and delete untrustworthy ones. To ensure top-tier security, while accessing the PalmPay app from an untrusted device, a sophisticated security verification process including OTP and PIN is necessary.
In addition, an automatic logout option has been added, allowing users to specify a time limit for inactivity, which is followed by PIN entering upon re-entry. To improve account access, PalmPay also provides fingerprint and facial ID login options. Millions of users will have linked secure email addresses by 2023 to get in-app OTPs and future security-related notifications.
PalmPay is strengthening its commitment to user security by including liveness detection and facial recognition capabilities into its transaction scenarios, notably during withdrawals. This security solution allows a more accurate identification of probable fraudulent actions and unlawful access, protecting client accounts even further.
PalmPay just introduced the new PalmPay Business App, which includes a full security improvement. It now has advanced functions like liveness detection and facial recognition. The improved system ensures that the user’s actions are being carried out by the legitimate account holder. Even in cases of telecom fraud where critical information such as OTP/PIN has been hacked, the system can employ facial recognition to confirm the user’s identity, protecting customer accounts and financial assets. “It’s impressive that these efforts have resulted in remarkable financial recovery,” Mr Nwosu says. approximately $677 million was successfully recovered for approximately 853,000 consumers in the first seven months of 2023.
He advised Nigerians who have not yet adopted e-wallets to do so since they are secure, handy, and easy to use.
The brand pledges to continue educating users and the general public on security best practices through both online and offline channels.