‘Integrated Security Tools Key To Curbing Digital Payment Fraud’

The head of the Fraud Management Department at the Nigeria Inter-Bank Settlement System (NIBSS) Plc, Tosin Obadimu, has said integrated security controls are critical to reducing fraud in Nigeria’s digital payments ecosystem.

He spoke against the backdrop of rising social engineering and impersonation cases targeting users of digital payment platforms.

According to Obadimu, bringing account and transaction controls into a single hub can strengthen verification around higher-risk transactions and support faster reporting when incidents occur.

“From an industry perspective, these controls strengthen verification before high-risk transactions against social engineering and account takeover, while the integrated dispute, fraud reporting and case-tracking features should speed up incident reporting and improve fund recovery across the ecosystem,” he added.

Industry stakeholders said financial fraud continues to evolve alongside digital payments, with unauthorised account access and impersonation among top risks.

Speaking on the development, the Nigeria’s chief operating officer, PalmPay, Samuel Oluyemi, said fraud management requires continuous innovation driven by empathy for customers.

“With my over two and a half decades in Nigeria’s payments ecosystem, I understand that fraud management requires continuous innovation and empathy for the customer above profitability,” Oluyemi said.

“As customers’ financial services needs evolve, so must the techniques of customer protection against fraud and unauthorised transactions improve,” he added.

The campaign also includes customer education on common fraud risks and precautionary measures for digital transactions.