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How to avoid digital payment fraud, by PalmPay MD

By Guardian Nigeria
26 November 2024   |   3:16 am
As part of efforts aimed at preventing fraud for providers and users during digital payments, Managing Director, PalmPay Nigeria Chika Nwosu has stressed the need to safeguard financial transactions. Speaking at PalmPay’s anti-fraud awareness walk, he emphasized the need for users to make informed choices when selecting payment platform. To Nwosu, “digital payments are revolutionizing…

As part of efforts aimed at preventing fraud for providers and users during digital payments, Managing Director, PalmPay Nigeria Chika Nwosu has stressed the need to safeguard financial transactions.

Speaking at PalmPay’s anti-fraud awareness walk, he emphasized the need for users to make informed choices when selecting payment platform.

To Nwosu, “digital payments are revolutionizing how we handle money which is a good thing. But this convenience must be matched with caution. Understanding what to look for in a provider can significantly reduce risk of fraud.”

To ensure payment security, Nwosu outlined three critical factors. First, he stressed the need to choose licensed and regulated providers such as PalmPay.

Saying licensing is the foundation of trust, he added, “a licensed provider adheres to regulatory standards designed to protect users. Always verify that your payment platform operates under the approval of the appropriate financial authority. At PalmPay, our compliance with the Central Bank of Nigeria (CBN) regulations underscores our commitment to user safety.”

In addition, he added, “the right technology makes all the difference. Look for features like two-factor authentication (2FA), biometric login, and encryption. These tools protect accounts from unauthorized access and ensure that your data remains safe. PalmPay prioritizes these innovations to provide users with the highest level of security.”

Lastly, Nwosu insisted, “an established provider with a strong reputation is more likely to have the resources to address fraud cases effectively.”

From a dedicated support team to robust fraud monitoring systems, he noted these elements are vital for user confidence.

To him, “PalmPay’s extensive infrastructure ensures seamless support for our customers at all times. PalmPay is dedicated to providing a secure and user-friendly payment experience. The platform is fully licensed by the CBN and all deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). It is built with cutting-edge security features, including real-time transaction alerts, 2FA, and biometric authentication. It is supported by a dedicated 24/7 customer support team that ensures user concerns are promptly addressed at any time.”

In conclusion, he added: “Our mission is to make digital payments safe and accessible for everyone, “PalmPay is not just a payment platform; it’s a partner you can trust with your financial security.”

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