E-Financial
Paxful Offers Tips on How Users Can Safely Trade Cryptocurrency
To mark this year’s National Consumer Protection Week, Paxful is offering a few tips on how users can buy and trade cryptocurrency safely.
Cryptocurrencies are growing in popularity; more and more people are now interested in using bitcoin or another digital currency to trade, invest or use in their daily life.
Only recently, Elon Musk invested a significant sum of $1.5 billion in cryptocurrency through his company, Tesla Inc. This move prompted even more interest as bitcoin prices surged.
As with any other financial transaction, it is important to be aware that there are some criminals out there ready to scam unsuspecting people.
So, if you’re new to cryptocurrencies, how do you stay safe and keep your funds protected? Here are a few tips:
Select a trusted Platform
There are several exchange platforms available to transact on, however, some offer more security than the others. In other words, before adopting a crypto exchange platform to transact on, you need to know about its security measures as well as its fees and pricing, coin variety etc.
For instance, on Paxful, a global peer-to-peer finance platform, your account has two-factor authentication enabled.
Paxful also uses ID and address verification for customers and monitors transactions in real time, which means it can identify and stop suspicious activity quickly.
Know who you’re buying from: On some exchanges, you can check out a seller’s record and the feedback they’ve had from other users. If someone has never made a payment using online wallets before, think about limiting the trade amount as a safety check.
Some platforms act as the escrow on the transaction which means that it holds the bitcoin until both sides have completed what they need to do. This helps ensure the transaction is safe.
On Paxful for example, the seller cannot cancel the trade; it can only be canceled by the buyer or auto canceled by the system if the payment is not made by the buyer within the payment window.
Explore Storage Options for your Digital Currency
When you buy cryptocurrency, you need to store it in a digital wallet. This can be hardware-based or web-based. Exchanges often give you your own wallet but sometimes these are vulnerable to hackers. Check out what security measures are in place before deciding if that’s the place you want to store your funds. Paxful uses BitGo as a wallet service provider, which is one of the most secure and high-tech services on the market.If you are in crypto for the long haul, think about getting your own digital wallet.
Sponsored by Paxful
About Paxful
Paxfulis a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange.
Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are.
Over 5 million people use Paxful to buy and sell Bitcoin (BTC) and Tether (USDT) with almost 400 different payment methods.
Ray Youssef, co-founder, and CEO of Paxful, set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built four schools (two in Rwanda, one in Kenya, and one in Nigeria); has provided health and food supplies in South Africa, Kenya, and Nigeria and education supplies in India to people affected by the COVID-19 pandemic. The Built with Bitcoin Foundation is funded by Paxful and in part by donations from Paxful users.
E-Financial
Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions
Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Doctor of Information Security, has petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately put a halt to card PIN usage for online payments to protect Nigerians from being fleeced of their hard earned money.
He said he was making the passionate appeal in order to secure financial practices in the country.
According to the UK based chartered Engineer, with his over 20 years of experience in financial technologies and security, who pioneered the concept of OTPs for card-not-payments, he was compelled to bring attention to the critical flaws in the Nigeria’s current online card payment practices, which exposes customers to unnecessary risks and significant danger.
Specifically, according to Aguoru, the continued use of PIN in online transactions put Nigerians at a grave risk of being defrauded.
Aguoru noted that card PINs were designed for face-to-face transactions at ATMs and POS terminals where secure encryption methods protect users rather than online usage.
In the petition cited by this paper, titled: “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria”, Dr. Aguoru explained: “In 2005, I developed a solution to tackle prevalent fraud in card-not-present transactions in the United Kingdom using both online and offline OTP models, drawing on Cartesian geometry. Although major networks like Visa and Mastercard declined the innovation at the time, my OTP model has since become a standard worldwide for authorization.
”Nigerian payment providers, such as Paystack and Flutterwave, and Interswitch still require card PINs for online card transactions, a practice virtually obsolete elsewhere or not ever used. Card PINs are designed for face-to-face transactions at ATMs and POS terminals, where secure encryption methods protect users. Using them online exposes consumers to serious cyber risks, including phishing, keylogger, man-in-the-middle attacks, even some dubious staff at the payment provider company can misuse customer’s PIN captured on the internet.”
He continued: “Nigerians are already familiar with OTPs for securing online transactions. However, it is critical to understand that OTPs should never be combined with Card PINs in an online setting. Instead, global best practices require using OTPs or Multi-Factor Authentication alone for online payments, which adds a secure layer of protection, an alternative to using card PINs online is to issue hardware card readers. With these devices, customers would simply insert their card, enter their PIN directly on the reader, and receive a generated OTP, keeping the entire process offline and secure.”
Enumerating the role of CBN in financial matters in the present digital age, Dr. Aguoru called on the apex financial regulator to protect consumers from cyber vulnerabilities. “I respectfully call on the CBN to address these issues head-on by prohibiting web PIN entry for card payments and enforcing OTP or MFA requirements across all payment providers.”
He advised the CBN to urgently steps forward for the safety of Nigerian cardholders by banning the use of card pins for online transactions and mandate the use of OTPs or other dynamic authentication methods, such as authorization through mobile banking apps.
He noted that there was need for consumers to be educated on safe online payments practice to minimize exposure to phishing and other cyber threats.
He said it was also necessary for the apex bank to enforce industry wide compliance with modern security standards to protect Nigerian customers, especially on the web, through policies, such as security, payments compliance policies.
Aguoru emphasized that by adopting these measures, the CBN will greatly reduce the risks Nigerian consumers face and bring the nation’s payment systems in with international best practice.
E-Financial
MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge
Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.
The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.
The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.
The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.
MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.
Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.
“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.
He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.
E-Financial
UBA Set to Establish Subsidiary in Saudi Arabia
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.
This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.
Muyiwa Akinyemi, group deputy managing director, UBA, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.
He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.
“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”
While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.
Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.
“Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”
He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.
“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”
During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration.
“Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he noted.
The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.
“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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