Emma Okonji
Following the penetration of digital cost platforms in Africa, a fraud epidemic has plagued the Fintech ecosystem in Nigeria, with Cellular, Net and Level of Gross sales (P0S) terminals being essentially the most exploited channels by fraudsters within the nation in 2023, PalmPay, a Fintech firm has stated.
Making reference to the 2023 NIBSS Annual Fraud Panorama report, the place incidents of fraud loss through Web Banking elevated by 325 per cent between 2022 and 2023, PalmPay stated the rise of digital cost platforms in Nigeria has elevated the potential for cyber fraud, with Fintech corporations now pressured to stability between making cost apps user-friendly and prioritising customers’ security to stem elevated cyber fraud.
To deal with the fraud epidemic, the Fintech Affiliation of Nigeria (FintechNGR) plans to unveil a fraud reporting framework someday this 12 months, whereas Fintech platforms comparable to PalmPay proceed to take the initiative to re-evaluate their in-app security options to guard their customers from the actions of fraudsters.
Managing Director, PalmPay, Chika Nwosu, stated the rationale why the Fintech platform has witnessed astonishing development in 4 years was as a result of “We prioritise the security and safety of our customers.” He stated they’ve been in a position to obtain this by “marrying safety and security with the shopper expertise to create a stability.”
As a result of it understands that curbing fraud is a two-way avenue, PalmPay runs a
Pockets Security Workshop to show customers of its app and POS machines varied safety subjects overlaying cost safety and customary safety points in each day life, comparable to password administration, fraud detection, phishing and threat identification,” Nwosu stated.
