NIBSS Fraud Desk Highlights PalmPay Security Measures Amid Evolving Fraud Risks
The Head of the Fraud Management Department at the Nigeria Inter-Bank Settlement System (NIBSS) Plc, Tosin Obadimu, has highlighted security measures available to PalmPay customers through the company’s upgraded Security Center.
The Security Center brings account and transaction protection features into one platform, including Security Check, Large Transaction Shield, Night Guard, USSD account and card lock, and alerts relating to suspected fraud recipients, duplicate transfers and new-device logins.
According to Obadimu, the combination of these controls can support additional verification around higher-risk transactions and improve the process for reporting and tracking fraud incidents.
“PalmPay’s upgraded Security Center brings account and transaction protection into a single hub, combining a real-time Security Check with user-configurable safeguards such as Large Transaction Shield, Night Guard, USSD account and card lock, and in-flow alerts for suspected fraud recipients, duplicate transfers and new-device logins,” he said.
“From an industry perspective, these controls strengthen verification before high-risk transactions against social engineering and account takeover, while the integrated dispute, fraud reporting and case-tracking features should speed up incident reporting and improve fund recovery across the ecosystem.”
The comments come as fraud methods continue to include impersonation, social engineering and unauthorised access to customer accounts. These methods can involve fraudsters posing as financial institutions or other trusted entities to obtain sensitive information or persuade customers to approve transactions.
Samuel Oluyemi, Chief Operating Officer of PalmPay Nigeria, said customer protection measures need to change as fraud methods and digital financial services evolve.
“With my over two and a half decades in Nigeria’s payments ecosystem, I understand that fraud management requires continuous innovation and empathy for the customer above profitability. As customers’ financial services needs evolve, so must the techniques of customer protection against fraud and unauthorised transactions improve,” he said.
PalmPay said fraud prevention involves financial institutions, payment providers, regulators and customers. The company said it would continue to review its security measures in response to emerging fraud risks.