Palmpay, a Nigerian fintech firm, has proudly reported a significant achievement in recovering over $677 million for more than 853,000 users within the first seven months of 2023. This milestone was unveiled during Palmpay’s monthly Wallet Safety Workshop, a program initiated in 2022 to bolster transaction privacy, ensure stable and secure transactions, and enhance awareness of payment security among its customers.
Palmpay’s monthly campaign aims to educate users about enhancing their overall security knowledge, effectively managing their personal online information, and equipping them with the skills to recognize and avoid online scams and fake news.
Chika Nwosu, the MD/CEO of Palmpay, highlighted the importance of addressing the rising risks associated with digital payment platforms, emphasizing the company’s unwavering commitment to safeguarding its customers’ financial interests and assets.
Nwosu also encouraged Nigerians who have yet to embrace e-wallet technology to do so, emphasizing its security, convenience, and accessibility.
Since the inception of the Wallet Safety Workshop, Palmpay has utilized various channels, both online and offline, including its app, social media, official website, and printed materials, to raise awareness about social media and telecom fraud. They also educate users on how to identify fraudulent activities and take necessary precautions.
Palmpay is dedicated to educating both its users and the general public on security guidelines across all channels, recognizing the growing importance of online security in an era where electronic payment platforms are rapidly gaining popularity.
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Palmpay Creates Fraud Awareness for PalmPay Users
In the face of an alarming 276.78% increase in fraud cases, according to a recent report by the Financial Institutions Training Centre (FITC) for Q2, 2023, Palmpay stresses the urgency of online security awareness among its users.
As electronic payment platforms continue to gain traction in Nigeria, Palmpay’s ongoing efforts to educate users on various aspects of cybersecurity knowledge, including password and device management, risk identification, phishing, fraud detection, and payment security, are increasingly vital.
Internally, Palmpay has taken significant steps to fortify its security features, strengthening user account protection. The platform has actively identified and banned thousands of fraudulent accounts to enhance user security. Moreover, they have introduced a device management feature, enabling users to control trusted devices while requiring comprehensive security verification for access from untrusted devices.
Other security enhancements include an auto-logout feature, offering fingerprint and facial ID login options, and enabling secure email addresses for the receipt of in-app OTPs and security-related notifications.
Palmpay has gone a step further by integrating liveness detection and facial recognition capabilities into its transaction scenarios, particularly during withdrawals. The recent introduction of the PalmPay Business App also features these enhancements, ensuring that actions on user accounts are performed by the genuine account holder, even in cases of compromised OTPs/PINs, thereby safeguarding customer accounts and financial assets.
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