Photo credit: Investors King

FINTECH platform, PalmPay, has urged its customers to pay closer attention to their online safety in order to avoid falling victim to cyber fraud.

Mr Chika Nwosu, the Managing Director and Chief Executive Officer of PalmPay, gave the advice while speaking at the fourth Africa Financial Technology Congress in Lagos, where he called for improved digital literacy. He emphasised the need for consumers to prioritise their online safety, particularly in light of recent data, revealing a surge in Nigerians embracing electronic platforms for transactions that were once primarily cash-based.

According to recent data by the Financial Institutions Training Centre on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases surged to 276.98 per cent during this period.

He attributed the escalation to the increased adoption of Internet connectivity and digital payment solutions in Nigeria, citing that the boost in Internet connectivity has led to a rise in fraudulent activities.

Photo credit: Investors King

FINTECH platform, PalmPay, has urged its customers to pay closer attention to their online safety in order to avoid falling victim to cyber fraud.

Mr Chika Nwosu, the Managing Director and Chief Executive Officer of PalmPay, gave the advice while speaking at the fourth Africa Financial Technology Congress in Lagos, where he called for improved digital literacy. He emphasised the need for consumers to prioritise their online safety, particularly in light of recent data, revealing a surge in Nigerians embracing electronic platforms for transactions that were once primarily cash-based.

According to recent data by the Financial Institutions Training Centre on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases surged to 276.98 per cent during this period.

He attributed the escalation to the increased adoption of Internet connectivity and digital payment solutions in Nigeria, citing that the boost in Internet connectivity has led to a rise in fraudulent activities.