A Fintech Company, PalmPay, says the upsurge in fraud cases in Nigeria’s financial services sector calls for improvement in the security and safety of fintech apps.

PalmPay’s Head, IT and Payments, Mr Temitayo Oduwole, said in a statement on Thursday, in Lagos, that it was important to prioritise app security and safety in the fintech ecosystem.

He said the company, on its part, had several features built into its app, to ensure its over 30 million users transact under a secure and trusted environment.

The company, according to him, has married security and safety with customer experience to create a balance.

“We have integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and biometrics features to confirm our users’ identity.

“Also, there is an inbuilt safety feature in the PalmPay app that uses Artificial Intelligence to understand users’ transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection, “ he said.

Oduwole said that the app employed a closed-loop risk management system that involved continuous monitoring, analysis and response to security threats.

This, according to him, allows the company to detect and prevent risks in real time, reducing the potential impact of security incidents.

“We also run a Wallet Safety Workshop to educate our users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud,” he said.

Recall that PalmPay was awarded Fastest Growing Fintech of the Year for its innovation in the use of IT in financial services at the 2023 Africa Tech Alliance Excellence Awards.