Consumers must be conscious of online security — PalmPay chief

The Chief Executive Officer (CEO) of Palmpay, a Fintech platform, Mr China Nwosu, has stressed the need for consumers to be conscious of their online security, as electronic payment platforms gain traction.

Nwosu, made this known in a statement on Wednesday.

Nwosu, quoting a recent report by the Financial Institutions Training Centre on fraud and forgeries in Nigerian banks for Q2, 2023, said fraud cases had jumped to a whopping 276.98 per cent.

“With the growing use of digital payment platforms, new risks and concerns emerge for operators and users,” he said.

The CEO said that in 2022, PalmPay introduced a Wallet Safety Workshop to ensure the security of user transaction privacy, stable and reliable transactions.

He said that the monthly campaign for payment security awareness helped customers improve their overall security knowledge.

Nwosu said it also helped them to 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.

“These include the app, social media, official website, and printed materials, to publicise and expose examples of social media and telecom fraud.

“Also, how to spot fraudulent behaviour and necessary steps to take to avoid being trapped,” Nwosu said.

The CEO said that PalmPay was 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.

Nwosu said, “This security measure ensures a more accurate identification of potential fraudulent activities and unauthorised access, further safeguarding customer accounts.”