Firm warns customers against suspicious links, unauthorised transactions

Nigeria's leading digital bank, PalmPay, has issued a warning to its customers against falling victim to fraudulent schemes. The bank urged its users to exercise caution when receiving suspicious links or authorizing unauthorized transactions. This advisory was released following Customer Service Week, highlighting the risks associated with fraudsters impersonating bank representatives to extract sensitive information or deceive users.

Impersonation scams can occur via phone calls, messaging platforms, or other communication channels. Fraudsters may pose as customer service agents, offering fake rewards, promising refunds, or requesting account details under the guise of resolving complaints. In 2025, financial institutions in Nigeria lost N25.85bn to fraud, a decrease from N52.26bn in 2024, according to data from the Nigeria Inter-Bank Settlement System. Social engineering contributed to 47% of fraud cases, resulting in N17.84bn in losses.

PalmPay emphasized that customers should never share one-time passwords, personal identification numbers, passwords, or verification codes with anyone. They advised users to independently verify any requests for sensitive information or actions on their accounts before responding. The bank also recommended confirming the authenticity of social media accounts and other communications claiming to represent PalmPay before sharing personal or financial information.

For merchants, PalmPay suggested verifying payments through official transaction records before releasing goods or services. If customers notice unfamiliar transactions, suspect fraudulent activity, or experience account access issues, they should contact PalmPay's official customer support channels for assistance. The company encourages users to familiarize themselves with the security features in the PalmPay app's Security Center, keep their account credentials confidential, and report suspicious activity promptly.

This warning is part of PalmPay's ongoing PalmPay Dey For You campaign, which focuses on customer education about fraud prevention and safer digital financial transactions.