PalmPay recovers over $677 million for 853,000 customers, calls for user security

Nigerian fintech platform, Palmpay announced that it has recovered about $677 million for over 853,000 users in just 7 months into the year, and has called on users to be conscious of online fraud and security.

The company made this known during its monthly Wallet Safety Workshop, which was introduced in 2022 to ensure the security of user transaction privacy and stable and reliable transactions. This monthly campaign for payment security awareness helps customers improve their overall security knowledge, manage their personal information online, and learn how to spot and avoid e-scammers and fake news. 

According to Chika Nwosu, MD/CEO of PalmPay, “With the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”

“It’s impressive that these efforts have led to remarkable financial recovery. In the first seven months of 2023, over $677 million has been successfully recovered for more than 853,000 users. This achievement highlights our commitment to safeguarding our customers’ financial interests and assets.”

He urged Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible.   

Since the launch of the workshop, PalmPay has been using online and offline channels, including the app, social media, the official website, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour and the necessary steps to take to avoid being trapped.

The brand commits to educating users and the general public on security guidelines both on online and offline channels.

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More on fraud awareness by Palmpay

According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases have jumped to a whopping 276.78%. Consequently, Nigerian fintech platform, Palmpay has called on users to be conscious of online security.

As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount. Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions.

As a result, in the past year, PalmPay has been educating users and the general public on various aspects of cybersecurity knowledge such as password and device management, risk identification, phishing, fraud detection, and payment security. 

Internally, the fintech has significantly fortified its security features, aiming to empower users in account protection. The platform has also taken action against fraudulent accounts through an investigation of internal accounts and has banned thousands of such problematic accounts to enhance user account security. 

The introduction of its device management feature allows users to control trusted devices and remove untrusted ones. When accessing the PalmPay app from an untrusted device, a comprehensive security verification process is required, combining OTP and PIN, to ensure top-tier security. 

Additionally, an auto-logout feature has been implemented, allowing users to set a time limit for inactivity, followed by PIN entry upon re-entry. PalmPay also offers fingerprint and facial ID login options to enhance account access. In 2023, millions of users have linked secure email addresses for seamless receipt of in-app OTPs and future security-related notifications. 

PalmPay is 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. Recently, it unveiled the new PalmPay Business App, which also features this upgrade.

The upgraded system verifies if the user’s actions are performed by the genuine account holder. Even in cases of telecom fraud where sensitive information like OTP/PIN might have been compromised, the system can use facial recognition to confirm the user’s identity, thereby safeguarding customer accounts and financial assets. 

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