PalmPay, a FINTECH provider, has recommended Internet users to prioritize online security as a safeguard against hackers.
According to Chika Nwosu, its Managing Director and Chief Executive Officer, the guidance became crucial as more Nigerians began conducting business online.
Giving advice at the fourth Africa Financial Technology Congress in Lagos, the chief executive claimed that the rapid development of connections has led to the emergence of several potential false news stories, the leakage of personal information, and financial scams.
Nwosu cited a recent study by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian Banks for the Second Quarter of this year, which showed an alarming increase in fraud instances of 276.08%.
He ascribed the change to the nation’s growing use of Internet connectivity and electronic payment systems.
The CEO of PalmPay claimed that using two-step verification on WhatsApp to thwart hackers is still the easiest approach to practicing online safety awareness.
He continued by saying that a consumer’s consent, whether given consciously or innocently, is required for any fraud action to take place.
In his own words, “The majority of Nigerian banks and fintech businesses have established a lot of infrastructure to assist safeguard consumers’ accounts, prevent fraud, and reduce risks. This is done to secure the entire e-wallet platform. Even if there is fraud, it is easily discovered and stopped.
Nwosu clarified that user identification, network preferences, behavior, device patterns, and core data all play a role in his company’s risk management strategy.