From Anthony Nwachukwu, Lagos
Tertiary institution students have commended Nigeria’s fintech platform, Palmpay, for equipping users with robust tools and education against the increasing cyber fraud, as scams make online money management a huge risk.
Speaking during their march on the international Fraud Awareness Week, some students noted that the proliferation of fintech platforms, though enhancing financial inclusion and convenience, has also created the vulnerabilities being exploited by cybercriminals.
However, they commended Palmpay’s faster transactions and its app’s secure features, like instant transaction notifications and secure payment systems, which give a sense of protected transactions and enable them identify fictitious messages.
They further commended its cashback rewards and savings tools as enabling them to stretch their budgets and manage daily expenses more effectively, and for further education on fraud prevention during the international Fraud Awareness Week.
PalmPay Managing Director, Chika Nwosu, said it is a good thing that digital payments are revolutionising how we handle money. However, he urged vigilance in the digital payment space, noting that this convenience must be matched with caution, and that understanding what to look for in a provider can significantly reduce the risk of fraud.
Nwosu said the company has implemented a multi-pronged approach to ensure the safety and security of users, including regulatory compliance and licensing, advanced security features and user education.
According to Nwosu, “trust begins with compliance. PalmPay operates under a Mobile Money Operator license issued by the Central Bank of Nigeria, and all deposits are insured by the Nigeria Deposit Insurance Corporation. Licensing is the foundation of trust, it ensures adherence to regulatory standards designed to protect users.”
On advanced security features, he said innovations such as two-factor authentication, biometric login and encryption form the backbone of PalmPay’s defences, while the platform also employs a closed-loop risk management system to detect and mitigate threats in real-time.
Nwosu said the company also uses initiatives like the wallet safety workshop and others to enlighten clients on password management, phishing and fraud detection, adding: “Security is a shared responsibility. By empowering our users with knowledge, we reduce the risk of fraud.”
For the Head of IT and Payments, Temitayo Oduwole, the company has integrated “device binding, auto-logout and artificial intelligence to monitor transaction patterns and detect fraudulent activities.”
Meanwhile, anti-fraud consultant, Tosin Adenekan, emphasised that “users owe it to themselves to follow safety guidelines like enabling two-factor authentication, creating strong passwords and monitoring their accounts against unauthorised activities.”
Nevertheless, the company also enables immediate account freezing and transaction interception mechanisms to check reported fraud cases.
The company, at the recent Africa Tech Alliance Forum (AfriTECH), won the 2023 Africa Tech Alliance Excellence Award for Fastest Growing Fintech of the Year.
