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Cyber Fraud Rise: PalmPay Upgrades in-app Security Features
PalmPay has upgraded its in-app security features to strengthen its app security, and this blog post highlights some of the security upgrades.
The rapid adoption of digital payment platforms in Nigeria has brought undeniable convenience, but it has also opened doors for malicious actors, leading to a concerning surge in cyber fraud.
As the number of cyber fraud attempts continues to climb, PalmPay, a leading FinTech company, is taking decisive action to fortify its platform and safeguard its users.
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Table of contents
Acknowledging the Threat
PalmPay acknowledges the growing threat of cyber fraud, citing the 2023 NIBSS Annual Fraud Landscape report.
This report revealed a staggering 325% increase in fraud losses via Internet banking compared to 2022.
Temitayo Oduwole, Head of IT and Payments at PalmPay, emphasizes the delicate balance FinTech companies face: “We strive to create a user-friendly experience while prioritizing the safety of our users against cyber threats.”
PalmPay’s Multi-Layered Defense
What are some of Palmpay’s Key Security Upgrades?
To combat this evolving challenge, PalmPay has implemented a multi-layered security approach that combines cutting-edge technology, user education, and collaboration.
Here’s a breakdown of the key features:
- Enhanced Two-Factor Authentication (2FA): PalmPay has strengthened its 2FA system by introducing multiple options.
Users can now choose between SMS verification, secure email delivery of One-Time Passwords (OTPs), and even biometric authentication via fingerprint or facial recognition.
This multi-factor approach significantly increases the difficulty for unauthorized individuals in gaining access to user accounts.
2. Transaction Monitoring and Risk Analysis: PalmPay utilizes advanced algorithms to monitor user activity and identify potentially fraudulent transactions in real time.
This system analyzes various parameters, including transaction patterns, location, and device information, to flag suspicious activities for further investigation.
3. User Education and Awareness Campaigns: PalmPay recognizes users’ crucial role in safeguarding their financial information.
The company actively educates users through in-app notifications, social media campaigns, and blog posts.
These resources provide valuable tips on identifying and avoiding cyber scams, such as being wary of unsolicited calls or messages, keeping login credentials confidential, and reporting suspicious activity promptly.
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Collaboration for Collective Defense
PalmPay acknowledges that combatting cyber fraud requires a collaborative effort.
The company actively engages with relevant stakeholders, including financial institutions, law enforcement agencies, and industry associations.
This collaboration facilitates sharing information and best practices, enabling them to stay ahead of evolving cyber threats and create a more secure financial ecosystem for everyone.
Conclusion
PalmPay’s commitment to user security is evident in its continuous efforts to upgrade its in-app security features.
By combining technological advancements, user education, and industry collaboration, PalmPay aims to create a safe and secure environment for its users to enjoy the benefits of digital payments.
While the fight against cyber fraud requires constant vigilance, PalmPay’s proactive approach provides a promising step forward in protecting users and ensuring the continued growth of the digital payment landscape in Nigeria.
See Also: How to Borrow Money from PalmPay with USSD Code
FAQ’s
What are some of the in-app security upgrades from Palmpay?
1. Enhanced Two-Factor Authentication (2FA)
2. Transaction Monitoring and Risk Analysis
3. User Education and Awareness Campaigns
How do I secure my PalmPay account?
Use a complicated password that combines capital and lowercase letters, numbers, and special characters to keep your account safe from hackers.
You should also steer clear of information that can be guessed, such as pet names, birthdays, password names, and numbers that appear in chronological sequence.
Is PalmPay secured?
The Palmpay bank app is a payment and FinTech service platform with amazing and user-friendly features, that enables users to take advantage of quick and safe transactions.
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