Tuesday, September 23, 2025
25.5 C
Lagos

PalmPay Recovers $677m for Customers as Fraud Jumps 277% in Q2

 

 
As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount.

Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions.

According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases have jumped to a whopping 276.98%.
According to Chika Nwosu, MD/CEO of PalmPay, “with the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”
In 2022, PalmPay introduced the Wallet Safety Workshop to ensure the security of user transaction privacy and stable and reliable transactions. This monthly campaign for payment security awareness helps customers improve their overall security knowledge, manage their personal information online, and learn how to spot and avoid e-scammers and fake news.
Since the launch of the workshop, PalmPay has been using online and offline channels, including the app, social media, official website, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour and necessary steps to take to avoid being trapped.
In the past year, PalmPay has been educating users and the general public on various aspects of cybersecurity knowledge, such as password and devices management, risk identification, phishing, fraud detection, and payment security.
Internally, PalmPay has significantly fortified its security features, aiming to empower users in account protection. The Fintech has taken action against fraudulent accounts through an investigation of internal accounts and has banned thousands of problematic accounts to enhance user account security.
The introduction of device management feature allows users to control trusted devices and remove untrusted ones. When accessing the PalmPay app from an untrusted device, a comprehensive security verification process is required, combining OTP and PIN, to ensure top-tier security.
Additionally, an automatic logout feature has been implemented, allowing users to set a time limit for inactivity, followed by PIN entry upon re-entry. PalmPay also offers fingerprint and facial ID login options to enhance account access. In 2023, millions of users have linked secure email addresses for seamless receipt of in-app OTPs and future security-related notifications.
PalmPay is taking its commitment to user security to the next level by integrating liveness detection and facial recognition capabilities into its transaction scenarios, particularly during withdrawals. This security measure ensures a more accurate identification of potential fraudulent activities and unauthorised access, further safeguarding customer accounts.
Recently, PalmPay unveiled the new PalmPay Business App, featuring a comprehensive security upgrade. It now integrates advanced features such as liveness detection and facial recognition. The upgraded system verifies if the user’s actions are performed by the genuine account holder. Even in cases of telecom fraud where sensitive information like OTP/PIN might have been compromised, the system can use facial recognition to confirm the user’s identity, thereby safeguarding customer accounts and financial assets.
According to Mr Nwosu, “it’s impressive that these efforts have led to remarkable financial recovery. In the first seven months of 2023, over $677 million has been successfully recovered for more than 853,000 users. This achievement highlights our commitment to safeguarding our customers’ financial interests and assets.”

He urged Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible.
The brand commits to keep educating users and the general public on security guidelines both on online and offline channels.

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

IDC to Host ‘Digital Retail Summit 2017’ in Turkey

International Data Corporation (IDC) is pleased to announce the...

Ecobank Nigeria Virtual Trade Conference Set for Sept 22

Ecobank Nigeria, a member of the pan African banking Group has concluded...

Intercontinental Bank Plc: Death so Painful

The banking entity was officially proclaimed DEAD by the Central Bank of Nigeria (CBN) in 2009. It was a mysterious and painful demise. But the soul of the bank has refused to Rest-in-Peace. Today, the living dead skeleton of the bank are rumbling in the belly of Access Bank Plc, fueling ghostly imaginations of resurrection or reincarnation. The Early Years Intercontinental Bank Plc was born in 1989 to the family of Dr. Erastus Akingbola. Early in life, the young bank exhibited elements of excellence, profitability and leadership in the banking sector. And when the whistle was blown on Banking Consolidation in 2005, the bank merged seamlessly with three other banking institutions: Equity Bank of Nigeria, Gateway Bank and Global Bank in October of that year. Naturally, the merging process made it bigger in terms of size, branch network, customer base and profitability.

FG Plans Lower Taxes for SMMES to Stimulate Economy

The Federal Government is set to reduce the income...

EVENT GALLERY

The events that happened recently.

What’s Behind the Xenophobic Attacks in South Africa?

South African troops deployed as part of a new government effort to stop deadly anti-immigrant violence. Their first target: the Johannesburg suburb of Jeppestown, where xenophobic violence broke out. South African Police raided a Jeppestown hostel while troops secured the perimeter. Earlier, Defense Minister Nosiviwe Mapisa-Nqakula announced the plan to deploy an undisclosed number of troops to areas where police are spread too thin while trying to curb deadly attacks against immigrants.

Reps Directs AMCON to go After Debtors Irrespective of Social Status

The Chairman of the Committee, Hon. Eze Nwachukwu Eze,...

Varsity Don Harps on Benefits of Soybeans, Fish Consumption

Professor Adewolu Morenike, professor of Fish Nutrition at the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img