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A FINTECH firm, PalmPay, has advised Internet users to prioritise online security as guard against hackers.
Its Managing Director/Chief Executive Officer, Chika Nwosu, said the advice became imperative following the high number of Nigerians transacting via electronic platforms.
Giving the counsel at the fourth Africa Financial Technology Congress in Lagos, the chief executive submitted that a number of potential fake news, leakage of personal information and financial scams have emerged as a result of rapid expansion in connectivity.
Quoting a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for the second quarter of this year, Nwosu noted that fraud cases jumped to an alarming 276.98 per cent during the period.
He attributed the development to the increased adoption of Internet connectivity and digital payment solutions in the country.
The CEO said being online safety conscious remains the simplest way, by having a two-step verification on WhatsApp to prevent hackers.
He added that for a fraud process to occur, there is always consent knowingly or unknowingly from the consumer.
His words: “To safeguard the entire e-wallet platform, most of the banks and fintech players in Nigeria have developed a lot of infrastructure to help safeguard customers’ accounts, prevent fraud and reduce risks. Even if there is fraud, it is detected quickly and remedied.”
Nwosu explained that his firm risk management strategy revolves around factors like user identity, network preferences, behaviour, device patterns and fundamental data.
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