Citing the 2023 NIBSS Annual Fraud Landscape report, which showed a 325% increase in fraud loss incidents through Internet banking between 2022 and 2023, PalmPay stated that the emergence of digital payment platforms in Nigeria has raised the risk of cybercrime.
It added that Fintech companies are now obliged to balance improving the usability of payment apps and putting users' safety first to prevent cybercrime from increasing.
While the Fintech Association of Nigeria (FintechNGR) is expected to introduce a fraud reporting framework to combat the fraud epidemic, the company said PalmPay is already taking the initiative to review its in-app safety features to shield its users from fraudulent activity.
According to Chika Nwosu, the managing director of PalmPay, fintechs have witnessed astonishing growth in four years because they prioritise the safety and security of users.
He said they have achieved this by marrying security and safety with the customer experience to create a balance.
PalmPay recognises that combating fraud is a two-way street.
Nwosu said, hence, it hosts Wallet Safety Workshops to educate users of its app and point-of-sale (POS) machines on a variety of security topics covering payment security and common security issues in daily life, like password management, fraud detection, phishing, and risk identification.
