As part of the commemoration of 2024 International Fraud Awareness Week, PalmPay over the weekend organized anti-fraud walk in Ikeja area of Lagos aimed at educating Nigerians on the need to secure their personal transactions information against fraudsters.
Mr. Chika Nwosu, managing director, PalmPay speaking at the event expressed PalmPay’s commitment to ensuring a safe financial ecosystem as events like this are central to that mission.
“This global initiative underscores a pressing issue that touches individuals, businesses, and economies alike—fraud. This week serves not only as a reminder of the pervasive risks posed by fraud but also as a call to action to combat it through education, awareness, and collaboration.
“Fraud is more than just a crime, it is a systemic threat that undermines trust, compromises security, and disrupts progress. Its effects are far-reaching, impacting personal livelihoods and the integrity of businesses.
“As digital payment platforms rapidly expand across Nigeria, fraudsters have unfortunately seized the opportunity to exploit vulnerabilities in the system. Mobile, web, and POS channels are now prime targets for criminal activities. Recent statistics from the Financial Institutions Training Centre (FITC) reveal that over 11,500 fraud cases were reported in Q2 2024—a stark reminder of the growing sophistication and persistence of these threats. These figures are more than numbers; they represent real people whose trust has been broken and whose finances have been compromised.
“Fraud prevention is a collective effort. Individuals, businesses, and governments must work together to build a robust defense against this menace.
“On the people side, we need to educate people on the need to safe guard their PIN because when you compromise your PIN if fraud happens from that end it will not be our fault. It is better we educate people to be aware so that they don’t compromise their PIN or password.
“At PalmPay, we recognize that combating fraud begins with awareness. That is why we have taken a proactive approach to ensure that our users and the broader community are equipped with the knowledge and tools they need to stay protected.
“Our campaign this week focuses on empowering individuals to safeguard their digital identities, spot fraudulent schemes, and take swift action when they encounter suspicious activities,” he stated.
He highlighted some of the key lessons for fraud prevention to include:
- Stay Informed: Regularly update yourself on emerging fraud tactics and the steps to counter them.
- Protect Your Information: Safeguard personal and financial details, using strong passwords and secure platforms.
- Verify and Report: Always verify requests for sensitive information and report suspicious activities promptly.
- Educate Others: Share what you’ve learned with family, friends, and colleagues, creating a ripple effect of awareness.
At PalmPay, we are deeply committed to leading the fight against fraud. This commitment extends beyond our platforms and services. It is reflected in our efforts to collaborate with industry stakeholders, engage with communities, and invest in cutting-edge security technologies.