PalmPay’s upgraded Security Center has received recognition from the Nigeria Inter-Bank Settlement System (NIBSS) for strengthening customer protection against fraud and unauthorised transactions.
The recognition comes as digital financial services become increasingly embedded in Nigerians’ daily transactions, while fraudsters continue to deploy impersonation, social engineering and account takeover tactics to defraud customers.
Tosin Obadimu, Head of the Fraud Management Department at NIBSS Plc, said PalmPay’s upgraded Security Center brings several account and transaction protection tools into a single platform.
According to Obadimu, the platform combines a real-time Security Check with customer-configurable safeguards, including Large Transaction Shield, Night Guard, USSD account and card lock, as well as alerts for suspected fraud recipients, duplicate transfers and new-device logins.
“From an industry perspective, these controls strengthen verification before high-risk transactions against social engineering and account takeover,” Obadimu said.
He added that the platform’s integrated dispute, fraud reporting and case-tracking features could improve incident reporting and support faster fund recovery across the payments ecosystem.
The upgraded Security Center forms part of PalmPay’s consumer-focused “PalmPay Dey For You” campaign, which is aimed at improving customer awareness and strengthening the tools available to users to protect their accounts.
Samuel Oluyemi, Chief Operating Officer of PalmPay Nigeria, said the company’s approach to fraud management is centred on continuous innovation and customer protection.
“With my over 2 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.
He said changing customer needs require financial service providers to continually improve their techniques for protecting customers against fraud and unauthorised transactions.
“At PalmPay, innovation is about solving real problems for Nigerians and giving them greater confidence to bank with us. That is what PalmPay Dey For You represent, i.e., putting customer protection at the heart of the customer’s experience,” he said.
PalmPay said the campaign also seeks to educate customers about common fraud risks, particularly impersonation, while encouraging users to make greater use of available security features.
The company said combating financial fraud requires coordinated efforts across the payments ecosystem, as fraud methods continue to evolve alongside the expansion of digital financial services.
The upgraded Security Center is designed to give customers greater control over account and transaction security through real-time checks, transaction safeguards and alerts intended to identify potentially suspicious activity.
PalmPay said its broader objective is to ensure that the growing adoption of digital financial services is accompanied by stronger customer awareness and practical tools for secure transactions.