NIBSS's Tosin Obadimu Unveils PalmPay's Security Enhancements

Tosin Obadimu, the Head of the Fraud Management Department at the Nigeria Inter-Bank Settlement System (NIBSS) Plc, outlined the security measures available to PalmPay customers through the company’s upgraded Security Center. This center consolidates account and transaction protection features, including Security Check, Large Transaction Shield, Night Guard, USSD account and card lock, and alerts for suspected fraud, duplicate transfers, and new-device logins.

Obadimu stated that these controls enhance verification for high-risk transactions and streamline fraud incident reporting and tracking. Samuel Oluyemi, Chief Operating Officer of PalmPay Nigeria, remarked on the necessity for customer protection measures to adapt as fraud methods and digital financial services evolve.

He emphasized that effective fraud management requires continuous innovation and a focus on customer needs. PalmPay affirmed its commitment to reviewing security measures in response to emerging fraud risks, highlighting the collaborative role of financial institutions, payment providers, regulators, and customers in fraud prevention.