PalmPay Recovers $677m for 853,000 Users in Seven Months
By Aduragbemi Omiyale
Over $677 million has been successfully recovered for more than 853,000 users of PalmPay, the chief executive of the company, Mr Chika Nwosu, has disclosed.
He said this success was made possible by the security features put in place to protect its customers, particularly because of the rising cases of cybercrimes.
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. 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 276.98 per cent.
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 financial technology (fintech) organisation has significantly fortified its security features, aiming to empower users in account protection.
It has taken action against fraudulent accounts through an investigation of internal accounts and has banned thousands of problematic accounts to enhance user account security.
The introduction of a 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 automatic 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.
In his comments, Mr Nwosu said the efforts made by the company are yielding results.
“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,” the PalmPay chief said, assuring that the brand was committed to keeping educating users and the general public on security guidelines both on online and offline channels.
However, he reminded customers that, “With the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”
Recall that in 2022, PalmPay introduced the Wallet Safety Workshop 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.
Since the launch of the workshop, PalmPay has been using online and offline channels, including the app, social media, 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 necessary steps to take to avoid being trapped.