• Monday, June 17, 2024
businessday logo


Routelink GMD advises stronger security measures to curb fraud

Routelink GMD advises stronger security measures to curb fraud

Group managing director of Routelink, Femi Adeoti, has advised that stronger security measures are adopted to curb the rise of fraudulent activities on online transactions.

Adeoti said this following an increase in cyber fraud attacks, as he stated that implementing strong security measures through the use of technologies like encryption, two-factor authentication, and tokenization to protect sensitive financial information could prevent unauthorised access to accounts.

“Data analytics and other tools can be used to monitor transactions for suspicious activity and flag potential fraud, while Identity verification and biometric authentication can be used to confirm the identity of users before allowing them to access accounts or complete transactions,” he said.

Adeoti, who was the immediate past managing director and chief executive officer at African Operations, Inlaks, explained that there is need to also sensitize and train employees on the importance of fraud prevention and how to detect fraud.

“This can help ensure that there is a primary focus on fraud prevention in the entire company; it is important to Stay up to date on the latest fraud prevention techniques; fraudsters are constantly finding new ways to commit fraud, so the payment landscape needs to stay on top of the latest digital payment trends and techniques in fraud prevention to stay one step ahead,” he said

Read also: Innovation key to navigating evolving business landscape – FITC CEO

Adeoti said protecting customers should be a key decision for operators, hence they should be kept informed through periodic publications and messages to inform them of the need to be security conscious and vigilant.

“At RoutePay, we are aware that the issue of fraud is one of the reasons that people do not trust digital payment platforms, so we invested in world-class security infrastructure to ensure that our customers’ transactions and data are safe with us; We have deployed systems that monitor and prevent fraud from happening and have conducted proper analysis of events that could lead to fraud and fraudulent practices. Our systems are proactive and very reliable as it is our mission to ensure that our transactions are safe,” he said.

Speaking on Routelink’s recently awarded Mobile Virtual Network Operators (MVNOs) license, Adeoti, said subscribers will be the ultimate beneficiaries as the takes a deeper root in Nigeria’s telecom space.
“MVNOs will ultimately translate into lower costs, more service options and better quality of service for subscribers, reiterating Routelink’s commitment to making a major difference in terms of quality of service and innovation,” he said.

The Nigerian Communications Commission (NCC) recently introduced the MVNOs license in its bid to engender competition and provide choices for telecommunication consumers.
MVNOs are carriers that don’t have their own wireless network but instead, they piggyback off another carrier’s platform for coverage through their cell phone plans.

Adeoti said Routelink Group has four different licenses from the NCC including the MVNO which the commission believes will boost job creation and close the gap between the unserved and the underserved Nigerians.