Palmpay, a Nigerian fintech start-up, has started a new campaign to raise awareness about payment security. This is part of PalmPay’s desperate attempt to help customers improve their security knowledge and learn how to spot and avoid e-scammers.
PalmPay has completed a $100 million series A funding round, which took place in August of 2021, and the company also has offices in Ghana. The new company has already raised 140 million dollars through fundraising and plans to expand into more African markets in 2018.
What brought about this campaign?
This new campaign comes when internet usage and digital payment methods have seen significant growth in Africa over the past few years. This fast growth in connectivity has led to some problems, such as fake news, the spread of personal information, and financial scams.
This week, PalmPay announced the launch of Wallet Safe Workshop, a monthly campaign to teach customers about payment security. The goal is to help customers improve their security knowledge and learn how to spot and avoid e-scammers.
Over the past few years, there has been a dramatic increase in the proportion of African people who have access to the internet and make payments online.
The overall number of attempts to commit fraud in Nigeria increased by 186% from 2019 to 2020, as stated in a report that was recently published by the Nigeria Inter-Bank Settlement System (NIBSS). Fraud attempts on mobile devices increased by 330% year over year, while those on the web and at point of sale systems increased by 173% and 215%, respectively. PalmPay says that in recent years, ensuring users’ financial transactions are safe has become a top priority for companies that provide financial services.
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The Workshop to Keep Your Wallet Safe
In conjunction with the release of the Wallet Safe Workshop, PalmPay will use various online and offline media to raise awareness about social media and telecom fraud, provide examples of such fraud, and teach users how to recognize suspicious activity.
To help people understand how to prevent and deal with telecom fraud and cybercrime, the company will focus on improving anti-fraud warning education for vulnerable groups like students and seniors and promoting laws about how to use mobile wallet accounts correctly.
“The growing use of digital payments brings new risks and security concerns,” says Chika Nwosu, MD of PalmPay. “PalmPay is committed to giving users a safe and reliable digital payment experience.” We will continue to improve our risk control methods, and we look forward to working with law enforcement and cybersecurity partners to stop fraud and ensure payment security. “
According to Nwosu, ensuring the security of users against con artists is not a simple process.
To stop the recent rise in fraudulent activity, it is essential to use the right fraud monitoring and “know your customer” (KYC) checks. PalmPay protects its users from fraud and unauthorized use in many ways. These include real-time risk control and abnormal behaviour detection, which automatically monitor, flag, and freeze high-risk transactions and accounts. PalmPay’s anti-fraud and KYC systems are pretty robust.
PalmPay’s customer service can be reached by in-app chat, email, social media, or the call centre. Anyone who thinks they or someone else may have been a victim of fraud while using PalmPay’s services is encouraged to do so.
PalmPay has said that it will do an investigation and freeze accounts to stop any more fraud-related losses and increase the chances of finding and getting back stolen assets.
About Palmpay
PalmPay is a company that has been given permission by the Central Bank of Nigeria (“CBN”) to offer Mobile Money Services, which include mobile payment services, to Nigerians with and without bank accounts. This is part of PalmPay’s mission to promote financial inclusion in the country.
PalmPay is a digital wallet and an online payment platform that provides customers with access to financial services through the PalmPay mobile application. One of the most impressive aspects of PalmPay is that it allows customers to make money while simultaneously using the mobile app. Through rewards, bonuses, and cashback, it is possible to earn money using PalmPay.
You are able to settle bills, recharge airtime, transfer money to other users, get money into your account, receive withdrawals into your bank account, and send money to other users. You can use the reward points you earn when you make certain purchases whenever you want.