Firm calls for collaborative efforts to tackle digital fraud

Palmpay, a leading fintech company, has organised an anti-fraud walk to raise awareness and drive collaborative efforts in tackling cyber security and internet fraud.

Speaking at the Palmpay Anti-Fraud Walk organised as part of activities to mark the International Fraud Awareness Week themed: ‘United Against Fraud: Building a Safer Future,’ Chika Nwosu, managing director, Palmpay Nigeria, defines fraud as a threat that undermines trust, security and economic growth.

He explained that it aligns with activities of the 2024 International Fraud Awareness Week which aims to engage members of the public on the risks posed by fraud while also serving as a call to action to combat it through education, awareness, and collaboration.

“Fraud is more than just a crime. It is a systemic threat that undermines trust, compromises security, and disrupts progress,” Nwosu said.

“Its effects are far-reaching, impacting personal livelihoods and the integrity of businesses,” he noted.

Citing data from the Financial Institutions Training Centre (FITC), he said that over 11,500 fraud cases were reported in second quarter 2024, noting that it is a stark reminder of the growing sophistication and persistence of threats.

“These figures are more than numbers; they represent real people whose trust has been broken and whose finances have been compromised,” he explained.

“At PalmPay, we are acutely aware of the responsibility we bear as a leader in the digital financial space,” the managing director noted.

“Our commitment to ensuring a safer financial ecosystem is unwavering, and events like this are central to that mission,” he added.

According to him, as digital payment platforms rapidly expand across Nigeria, fraudsters have unfortunately seized the opportunity to exploit vulnerabilities in the system.

“Mobile, web, and POS channels are now prime targets for criminal activities.”

Nwosu noted that fraud prevention requires the intentional and collective efforts of Individuals, businesses, and governments to build a robust defense against this menace through knowledge.

As such, some key messages shared during the walk include, staying informed on emerging fraud tactics and the steps to counter them, safeguarding personal and financial details, using strong passwords and secure platforms, verifying requests for sensitive information and reporting suspicious activities promptly and sharing knowledge with friends and family to strengthen awareness.

Nwosu affirmed that Palmpay would continue to collaborate with industry stakeholders, engage with communities, and invest in cutting-edge security technologies to create an environment where individuals and businesses can thrive.