Palmpay launches new security campaign
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Palmpay launches new security campaign

PalmPay, a Nigerian fintech startup, has launched a new payment security campaign to increase customer payment and cyber security awareness.

PalmPay’s managing director, Chika Nwosu, confirmed the new development in a media release obtained by Ripples Nigeria on Monday. The fintech is a digital payment platform that aims to increase financial inclusion and improve customer experiences.

In a desperate attempt to help customers improve their overall security knowledge and learn how to spot and avoid e-scammers, this campaign will help to raise payment security awareness. The campaign comes when internet penetration and digital payment in Africa have increased significantly in recent years.

As a result of this rapid expansion in connectivity, several potential issues have emerged, including fake news, personal information leakage, and financial scams.

Palmpay will use both online and offline channels, including the app, social media, official websites, and printed materials, to publicize and expose examples of social media and telecom fraud, as well as how to spot fraudulent behavior, with the launch of its wallet-safe workshop.

To effectively raise people’s awareness of combating and managing telecom fraud and cybersecurity, the company will also improve anti-fraud warning education for vulnerable groups such as students and senior citizens and promote legal provisions related to the proper use of mobile wallet accounts.

Chika Nwosu also disclosed that the right fraud monitoring and know your customer (KYC) approaches are vital to the rise in fraud attempts. With robust anti-fraud and KYC systems, PalmPay protects its users from fraud and unauthorized use with various protective measures, including real-time risk control and abnormal behavior detection, which automatically monitors, flags, and freezes high-risk transactions and accounts.
Suppose someone suspects that they or someone else has been a victim of fraudulent activities. In that case, they can contact PalmPay customer service via in-app chat, email, social media, or call center. PalmPay will investigate and freeze accounts to avoid additional loss due to fraudulent activities and to maximize the chances of tracing and retrieving funds.

According to a report by the Nigeria Inter-Bank Settlement System, Nigeria’s total number of fraud attempts increased by 186% between 2019 and 2020. Mobile fraud attempts increased 330% yearly, while web and POS fraud attempts increased 173% and 215%, respectively.

Fintech applications and software, from online banking to mobile wallets, undoubtedly rule the digital world, making it simple for people to send and receive funds and save money.

Despite the positive impact of Fintech today, the likelihood of security breaches and data theft has increased, resulting in the loss of sensitive personal and financial information. As a result, ensuring the security of users’ transactions has become a top priority for financial institutions.

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