PalmPay sees improved app security tackling upsurge in financial fraud

PalmPay has said financial services operators need to address the upsurge in fraud cases in the sector by improving security and safety of fintech applications.

Cyber criminals have particularly targeted vulnerabilities in financial services leading to loss of billions of naira from operators. Temitayo Oduwole, Head of IT and Payments, PalmPay, while speaking at the Africa Tech Alliance Forum (AfriTECH) suggests that fintech apps present vulnerabilities for operators, hence, the need to prioritise security and safety.

Oduwole highlighted several features built into the PalmPay app to ensure its over 30 million users transact under a secure and trusted environment.

“We’ve integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, and auto-logout and biometrics features to confirm our users’ identity,” he said.

Read also: PalmPay to redouble financial inclusion drive after 30m users

The app also comes with an in-built safety feature that uses artificial intelligence to understand users’ transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection.

The company also uses a closed-loop risk management system that involves continuous monitoring analysis, and response to security threats. This allows it to detect and prevent risks in real time, reducing the potential impact of security incidents.

There is also a Wallet Safety Workshop which enables education of PalmPay users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud.
A highlight of the event was the award of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay for the fintech company’s “excellence and innovation in the use of IT in financial services.”

Attendees at the event included industry regulators and stakeholders from the Nigerian Communications Commission (NCC); the Nigeria Computer Society (NCS); Association of Licensed Telecom Operators of Nigeria (ALTON).

Others were the Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; and the Institute of Software Practitioners of Nigeria (ISPON), amongst others.