With the rapid adoption of digital payments, fraud prevention has become a priority for both providers and users.
The managing director, PalmPay Nigeria, Chika Nwosu, stated this while speaking on the importance of safeguarding financial transactions at PalmPay’s anti-fraud awareness walk, emphasised the need for users to make informed choices when selecting a payment platform.
“Digital payments are revolutionising how we handle money which is a good thing. But this convenience must be matched with caution. “Understanding what to look for in a provider can significantly reduce the risk of fraud.”
To ensure payment security, Nwosu outlined three critical factors. First, he stressed the importance of choosing licensed and regulated providers such as PalmPay. “Licensing is the foundation of trust,” he stated.
“A licensed provider adheres to regulatory standards designed to protect users. Always verify that your payment platform operates under the approval of the appropriate financial authority. At PalmPay, our compliance with the Central Bank of Nigeria (CBN) regulations underscores our commitment to user safety,” he said.
Lastly, Nwosu emphasised the value of choosing a provider with a proven reputation and robust customer support. “An established provider with a strong reputation is more likely to have the resources to address fraud cases effectively,” he continued. “From a dedicated support team to robust fraud monitoring systems, these elements are vital for user confidence. PalmPay’s extensive infrastructure ensures seamless support for our customers at all times,” he said.
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