Palmpay, a Nigerian fintech platform, said it has helped over 853,000 users get back about $677 million in the first seven months of the year. It also asked users to be aware of online scams and security.
The company said this at its monthly Wallet Safety Workshop, which started in 2022 to ensure that users’ transactions are safe and private and that transactions are stable and reliable.
This payment security awareness programme happens every month. It helps customers learn more about security, handle their personal information online, and spot and avoid e-scammers and fake news.
Read also: PalmPay expands fintech services in Africa, hits 25 million users
“As the use of digital payment platforms grows, operators and users face new risks and worries,” says Chika Nwosu, MD/CEO of PalmPay.
“It’s incredible that these efforts have led to a tremendous financial turnaround. In the first seven months of 2023, more than 853,000 people have received more than $677 million. This shows how much we care about protecting our customers’ cash assets and interests.
He told Nigerians who haven’t used e-wallets to start because they are safe, easy, and easy to use.
Since the workshop started, PalmPay has been using online and offline channels, like the app, social media, the official website, and printed materials, to show examples of social media and telecom fraud, as well as how to spot it and what to do to stay safe.
The brand promises to teach users and the general public about online and off security rules.
More on Palmpay fraud awareness
The number of fraud cases in Nigerian banks has increased by 276,78%, according to a study from the Financial Institutions Training Centre (FITC) for Q2 2023. A Nigerian financial company called Palmpay tells its users to be careful about online security.
As the number of electronic payment systems grows, people need to be more careful about internet security. Data shows that more and more Nigerians are doing their daily business on electronic channels.
Over the past year, PalmPay has taught users and the general public about cybersecurity topics like managing passwords and devices, identifying risks, phishing, detecting scams, and payment security.
The fintech has improved its security to give users the tools to keep their funds safe. To make user accounts safer, the company looked into internal accounts and banned hundreds of fake ones.
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Users can control trusted devices and eliminate those they don’t trust with the device management tool. To make sure that the PalmPay app is as safe as possible, OTP and PIN verification from unknown devices are needed.
With an auto-logout option, users can set a time limit for being inactive and enter their PIN when they log back in. With fingerprint and face ID login, PalmPay makes it easier to get into accounts. In 2023, millions of users linked safe email addresses to apps to get one-time passwords (OTPs) and security alerts.
PalmPay makes transactions, especially withdrawals, safer for users by adding liveness detection and face recognition. It just put this update into the PalmPay Business App.
The new method checks to see if the user owns the account. Even when the OTP or PIN has been stolen, facial recognition can prove the user’s identity. This protects consumer accounts and financial assets.
