Rédaction Africa Links 24 with Guardian Nigeria
Published on 2024-03-04 03:10:13
Palmpay, a digital payment platform, is taking proactive measures to combat cybercrime and fraud within the industry. The company believes that it is essential for all stakeholders to work together to address this growing threat in order to ensure the continued growth of the ecosystem. According to the Managing Director of PalmPay, Chika Nwosu, the platform has experienced significant growth over the past four years due to its strong emphasis on the safety and security of its users. Nwosu notes that they have achieved this by prioritizing security and safety while also focusing on providing a positive customer experience.
One of the key strategies that PalmPay employs to combat fraud is a closed-loop risk management system that involves ongoing monitoring, analysis, and response to potential threats. This approach allows the platform to detect and prevent security risks in real-time and minimize the impact of fraudulent activity. Additionally, PalmPay takes steps to protect its users from fraudsters by binding their phones to the app, implementing an auto-logout feature, and incorporating biometrics to verify users’ identities.
While fintech companies like PalmPay play a significant role in safeguarding users from cyber fraud, there are factors outside of their control that contribute to the increasing incidence of fraud in Nigeria. Poor digital and financial literacy, as well as a reluctance to report incidents of fraud, are key factors that can make individuals more vulnerable to fraudulent activities. PalmPay’s Head of IT and Payments, Temitayo Oduwole, highlights the importance of prompt reporting of fraud incidents, noting that delays in reporting can allow criminals to move stolen funds to secure locations.
Taking precautions to protect oneself from cyber fraud is crucial, according to anti-fraud expert Tosin Adenekan. Adenekan advises users of fintech platforms to follow standard safety precautions, such as refraining from sharing personal information with strangers during digital transactions. Additionally, Adenekan warns against allowing unfamiliar individuals, such as POS operators, to handle personal ATM cards, as this can leave users vulnerable to scams where criminals observe PIN entries and switch out ATM cards.
In conclusion, Palmpay is committed to prioritizing the safety and security of its users as a means of combatting cybercrime and fraud within the industry. By implementing robust risk management systems, encouraging prompt reporting of fraud incidents, and educating users on best practices to safeguard themselves, PalmPay aims to create a secure banking environment for its customers. However, it is also essential for individuals to take responsibility for their own protection by following safety precautions and remaining vigilant against potential threats in the digital space.止
