NIBSS Fraud Desk Highlights PalmPay Security Measures Amid Evolving Fraud Risks

The Head of the Fraud Management Department at Nigeria Inter-Bank Settlement System (NIBSS) Plc, Tosin Obadimu, has spoken about the security measures offered to PalmPay customers through the company’s upgraded Security Center. This platform consolidates account and transaction protection features, including Security Check, Large Transaction Shield, Night Guard, USSD account and card lock, and alerts on suspected fraud recipients, duplicate transfers and new-device logins.

Obadimu explained that these controls can help verify high-risk transactions and streamline the reporting and tracking of fraud incidents.

According to Obadimu, the Security Center's combination of controls can strengthen verification against social engineering and account takeover before high-risk transactions. Additionally, the integrated dispute, fraud reporting and case-tracking features are designed to expedite incident reporting and enhance fund recovery across the payment ecosystem.

These measures come as fraud methods continue to employ impersonation, social engineering and unauthorized access to customer accounts. Fraudsters may impersonate financial institutions or other trusted entities to obtain sensitive information or coerce customers into approving transactions.

PalmPay's Chief Operating Officer, Samuel Oluyemi, emphasized the need for customer protection measures to adapt as fraud methods and digital financial services evolve. With over two and a half decades of experience in Nigeria's payments ecosystem, Oluyemi understands that fraud management requires continuous innovation and empathy for the customer above profitability. As customers' financial service needs evolve, so must customer protection techniques against fraud and unauthorized transactions improve.

PalmPay highlights that fraud prevention involves financial institutions, payment providers, regulators, and customers working together. The company stated its commitment to reviewing its security measures in response to emerging fraud risks.