How We Are Protecting Users From Fraud - PalmPay | READ MORE
NancyOkafor
Nov 16, 2023
How We Are Protecting Users From Fraud - PalmPay | READ MORE
A Fintech Company, PalmPay, says the upsurge in fraud cases in Nigeria's financial services sector calls for improvement in the security and safety of fintech.
READ ALSO: Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
A Fintech Company, PalmPay, says the upsurge in fraud cases in Nigeria's financial services sector calls for improvement in the security and safety of fintech apps.
READ ALSO: Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
PalmPay's Head, IT and Payments, Mr Temitayo Oduwole, said in a statement on Thursday, in Lagos, that it was important to prioritise app security and safety in the fintech ecosystem.
READ ALSO: How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
He said the company, on its part, had several features built into its app, to ensure its over 30 million users transact under a secure and trusted environment.
READ ALSO: See 10 Excerpts From Peter Obi's World Press Conference | READ MORE
The company, according to him, has married security and safety with customer experience to create a balance.
READ ALSO: 2023: Support Individuals With Proven Antecedents - N'noko Ndi Isuikwuato Charges
"We have integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and bio metrics features to confirm our users' identity.
READ ALSO: HURIWA Reveals Why Justice Tanko Muhammad's Resignation Is Not Enough
"Also, there is an inbuilt safety feature in the PalmPay app that uses Artificial Intelligence to understand users' transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection, " he said.
READ ALSO: 2023: "If Abia APC Ends Up Without A Guber Candidate, So Be It" -Daniel Eke Insists On Re-run
Oduwole said that the app employed a closed-loop risk management system that involved continuous monitoring, analysis and response to security threats.
READ ALSO: "Ikwuano Locked Down For Alex OttiÔÇØ - Monday Ubani SAN Sends Strong Message To Opposition
This, according to him, allows the company to detect and prevent risks in real time, reducing the potential impact of security incidents.
"We also run a Wallet Safety Workshop to educate our users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud,ÔÇØ he said.
READ ALSO: Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
Recall that PalmPay was awarded Fastest Growing Fintech of the Year for its innovation in the use of IT in financial services at the 2023 Africa Tech Alliance Excellence Awards.
Related Stories
Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
"Ikwuano Locked Down For Alex OttiÔÇØ - Monday Ubani SAN Sends Strong Message To Opposition
Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
Why ICPC Is Prosecuting Mike Ozekhome Over a London Property Deal That Has Shaken Nigeria's Legal Circle | READ DETAILS
Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
""
— NancyOkafor