To prevent exposure to frauds and financial loses, OPay has introduced USSD codes its users could use to keep their accounts safe and secured in the event of lost or stolen mobile phones and debit cards.
Although, OPay operates as a licensed Mobile Money Operator (MMO) by the Central Bank of Nigeria (CBN) and its customers’ deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC), it places premium on constant innovations to enhance safety of customers’ funds.
Beyond regulatory safeguards, OPay has actively developed innovative features to empower users with direct control over their financial security.
As such, OPay has just introduced the *955*131# USSD short code which allows users to instantly lock their OPay account in case of mobile phone being misplaced or stolen.
It said in a statement on Monday that this swift action can potentially save users from unauthorized transactions and ensure peace of mind.
Additionally, the *955*132# USSD code grants users immediate control, allowing them to lock their OPay card with a single dial.
According to the MMO, this double layer protection has become imperative to shield its users’ hard-earned money against unforeseen circumstances, especially as its user base continues to surge.
The financial institution recently disclosed that as at the end of 2023, it had over 40 million users, more than 500,000 agents and merchants in excess of 300,000.
It said that protecting users’ data from phishing attacks and scams is equally crucial, and as such, it is actively committed to raising user awareness through regular SMS and in-app notifications.
These reminders, it said, emphasize the importance of never disclosing your One-Time Password (OTP), as no OPay staff will ever request it. By empowering users with knowledge, OPay fosters a vigilant community against fraudulent activities.
Remarks
According to Mr. Dauda Gotring, Managing Director of OPay, Users’ financial security is a top priority.
He said: “By combining comprehensive regulatory compliance, innovative security features, and ongoing user education, we are building a digital banking ecosystem where users can transact with confidence.
“We have developed a short code to allow users to lock their accounts immediately if their phone or card is misplaced or stolen. So, if this ever happens to our dear users’, they can get a phone and dial *955*131# to lock their account and *955*132# to lock your card immediately without any hassle.”
Enduring Fraud Detection
Adding another layer of protection, OPay’s advanced fraud detection system actively monitors for suspicious activity.
If a potential scam is identified, the system triggers an immediate double-confirmation alert before any transaction occurs.
This crucial pause empowers users to verify the recipient and transaction details, effectively catching scams in their tracks before any damage is done. It’s like having a vigilant financial guard protecting users in the digital marketplace.
OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology.
The company offers a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others.
Renowned for its super-fast experience and reliable network, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as traditional banks.
OPay was recently applauded by the World economic Forum (WEF) for driving financial inclusion in Nigeria and was awarded the consumer choice award by Advertisers’ Association of Nigeria (ADVAN).
