* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, August 15, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    I’ll miss the chaos of ‘And Just like That…’ (and Che Diaz too) – yahoo.com

    Why I’ll Truly Miss the Wild Ride of ‘And Just Like That…’ (and Che Diaz!)

    Webtoon Entertainment Stages Recovery With Disney’s Stamp of Approval – The Wall Street Journal

    Webtoon Entertainment Soars to New Heights with Disney’s Stamp of Approval

    Georgia Tech Launches Arts, Entertainment, and Creative Technologies Degree – Georgia Tech News Center

    Georgia Tech Unveils Exciting New Degree in Arts, Entertainment, and Creative Technologies

    John Davison departs from IGN Entertainment – GamesIndustry.biz

    John Davison Steps Down from IGN Entertainment Leadership

    JPMorgan raises Flutter Entertainment stock price target to GBP273 – Investing.com

    JPMorgan Raises Flutter Entertainment Price Target to £273, Signaling Strong Growth Ahead

    Star Entertainment reaches deal to sell 50% stake in Brisbane resort to HK investors – Reuters

    Star Entertainment Seals Landmark Deal, Sells Half of Brisbane Resort to Hong Kong Investors

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Midwest Technology Summit held in Fargo – WDAY Radio

    Midwest Technology Summit held in Fargo – WDAY Radio

    K1 Semiconductor Joins Chicago Quantum Exchange To Advance Wafer Technology. – Quantum Zeitgeist

    K1 Semiconductor Partners with Chicago Quantum Exchange to Revolutionize Wafer Technology

    Indirect tax transformation: Navigating change, embracing technology – Thomson Reuters tax and accounting

    Revolutionizing Indirect Tax: Embracing Technology to Navigate Change

    California’s wildfire moonshot: How new technology will defeat advancing flames – Los Angeles Times

    California’s Wildfire Revolution: How Cutting-Edge Technology Is Poised to Stop Raging Flames

    LSU grad uses 3D printing to create adaptive technology for children – CBS News

    LSU Graduate Revolutionizes Adaptive Technology for Kids with 3D Printing

    Gas-to-liquids technology can support national resilience – The Strategist | ASPI’s analysis and commentary site

    Unlocking National Strength: How Gas-to-Liquids Technology Drives Resilience

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    I’ll miss the chaos of ‘And Just like That…’ (and Che Diaz too) – yahoo.com

    Why I’ll Truly Miss the Wild Ride of ‘And Just Like That…’ (and Che Diaz!)

    Webtoon Entertainment Stages Recovery With Disney’s Stamp of Approval – The Wall Street Journal

    Webtoon Entertainment Soars to New Heights with Disney’s Stamp of Approval

    Georgia Tech Launches Arts, Entertainment, and Creative Technologies Degree – Georgia Tech News Center

    Georgia Tech Unveils Exciting New Degree in Arts, Entertainment, and Creative Technologies

    John Davison departs from IGN Entertainment – GamesIndustry.biz

    John Davison Steps Down from IGN Entertainment Leadership

    JPMorgan raises Flutter Entertainment stock price target to GBP273 – Investing.com

    JPMorgan Raises Flutter Entertainment Price Target to £273, Signaling Strong Growth Ahead

    Star Entertainment reaches deal to sell 50% stake in Brisbane resort to HK investors – Reuters

    Star Entertainment Seals Landmark Deal, Sells Half of Brisbane Resort to Hong Kong Investors

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Midwest Technology Summit held in Fargo – WDAY Radio

    Midwest Technology Summit held in Fargo – WDAY Radio

    K1 Semiconductor Joins Chicago Quantum Exchange To Advance Wafer Technology. – Quantum Zeitgeist

    K1 Semiconductor Partners with Chicago Quantum Exchange to Revolutionize Wafer Technology

    Indirect tax transformation: Navigating change, embracing technology – Thomson Reuters tax and accounting

    Revolutionizing Indirect Tax: Embracing Technology to Navigate Change

    California’s wildfire moonshot: How new technology will defeat advancing flames – Los Angeles Times

    California’s Wildfire Revolution: How Cutting-Edge Technology Is Poised to Stop Raging Flames

    LSU grad uses 3D printing to create adaptive technology for children – CBS News

    LSU Graduate Revolutionizes Adaptive Technology for Kids with 3D Printing

    Gas-to-liquids technology can support national resilience – The Strategist | ASPI’s analysis and commentary site

    Unlocking National Strength: How Gas-to-Liquids Technology Drives Resilience

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Late fraud reporting fueling low stolen funds recovery – PalmPay

November 26, 2023
in Business
Late fraud reporting fueling low stolen funds recovery – PalmPay
Share on FacebookShare on Twitter

Many people who fall victim to cyber scams and end up losing their money or their valuables, do not report the fraud on the first day it happened, according to a new report by PalmPay, a Nigerian-based fintech company.

“From our observations, customers do not take prompt action. Only 33 percent report the same day or take the necessary right action on the same day,” the company said in a statement.

According to PalmPay, failing to report fraudulent transactions early enough gives criminals the opportunity to move the stolen funds to ‘safe’ places.

Digital financial fraud has been on the rise recently as the digital payment market experiences exponential growth. A report by KPMG noted that in 2022, the global digital payment market size was valued at $81.03 billion, with global digital payments valued at over $8 trillion, and the market size is only expected to continue, at an annual growth rate of around 20 percent in the next seven years.

Read also: Kano reveals alleged massive payroll fraud, including 13-year-old employee

“Behind the scenes, bad actors or criminals are keeping up with the pace and advances in fintech, often actively developing new strategies to exploit digital payment products and services to hide the origins of their criminal activities and take advantage of vulnerabilities and weaknesses in organisations’ compliance frameworks,” the KPMG report noted.

The rise of digital payments has increased the potential for fraud, money laundering, terrorist financing, and sanctions risks. In view of this, fintech companies are constantly focused on balancing between the need to maintain user satisfaction and prioritising the identification and management of increased financial crime risks to meet the demands of evolving regulatory focus.

In Nigeria, the FITC which counts the Nigerian Bankers Committee as a member, reported that banks lost N6.03 billion in the first half of 2023. The analysis noted that mobile fraud, computer and web fraud, and point-of-sale fraud incidents caused Nigerian banks to register 24,232 fraud instances in the first half of 2023.

Fraud incidents often happen due to lapses on the customers’ part as a result of poor digital literacy. This is not to say that banks and their staff do not have a role to play in protecting customers from cyber fraud. However, the PalmPay report notes that customers must be extra vigilant as criminals can easily spot and exploit different vulnerabilities once they let their guard down.

“We have scenarios of fraudsters calling a customer that they won XYZ while cajoling them to disclose sensitive information. This fraudulent act rides on a lack of security awareness and sometimes the greed of the victim. That is what the particular scheme thrives on,” said Kelvin Olumese, Senior Marketing Manager, PalmPay Nigeria.

PalmPay has three approaches to securing users’ transactions. The first is through its device security features which essentially require that users provide OTP and PIN when accessing their app from another device. It allows users to set a time limit for inactivity before entering a PIN. It also requires a fingerprint or facial recognition login. In cases of telecom fraud where OTP/PIN might have been compromised, the system can use facial recognition to confirm the user’s identity.

The second approach is the risk management strategy which is aimed at helping users avoid financial losses, reduce the disturbance to users, and balance security and user experience. The strategy makes use of algorithms, big data, and computing power as the framework.

The final approach is the PalmPay closed-loop risk management. This deals in more detail with the various stages of fraud detection and provides mitigation of the risk.

The strategies notwithstanding, PalmPay says effective fraud or erroneous transfer investigation and resolution begins when the user reports to their bank that a fraud has taken place.

“Only your bank can use your transfer details to contact other banks like PalmPay for erroneous transfer investigations,” the bank noted.

PalmPay also has the ‘I million Shield’ feature to secure users’ funds on the platform. The feature which is available on the PalmPay app for tier 2 and 3 users, provides an additional enhanced coverage of up to N1 million annually and up to N50,000 on each transaction for any loss due to unauthorised transactions. An unauthorised transaction is any payment or activity that the user did not authorise.
To receive compensation, PalmPay has to review and confirm the authenticity of the user’s application.

“The compensation amount will be automatically transferred to your PalmPay balance account. Unlock the power of the 1 million Shield by completing your BVN verification and facial recognition on PalmPay, ensuring your eligibility for refunds on unauthorised transactions from your PalmPay app,” said Olumese.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/technology/article/late-fraud-reporting-fueling-low-stolen-funds-recovery-palmpay/

Tags: businessFraudReporting
Previous Post

Antibiotics: All in One Proven Remedy For Immune And Digestion Tract infection And Bacteria Infection

Next Post

Private sector operator harps on tech to address food insecurity

Is This the Hardest Physical Contest in the World? – The Atlantic

Could This Be the Toughest Physical Challenge on Earth?

August 15, 2025
Trump’s tariffs, other federal policies starting to ding Minnesota’s economy – Star Tribune

Trump’s tariffs, other federal policies starting to ding Minnesota’s economy – Star Tribune

August 15, 2025
I’ll miss the chaos of ‘And Just like That…’ (and Che Diaz too) – yahoo.com

Why I’ll Truly Miss the Wild Ride of ‘And Just Like That…’ (and Che Diaz!)

August 15, 2025
How parents can help support college students’ mental health – WALB

How Parents Can Play a Vital Role in Supporting Their College Students’ Mental Health

August 15, 2025
‘Tesla shame’ bypasses Norway as sales jump despite Musk’s politics – Yahoo Finance

Tesla Sales Skyrocket in Norway Amidst Controversy Over Musk’s Politics

August 15, 2025
Small aquatic systems found to fix 15% of Earth’s nitrogen – EurekAlert!

How Tiny Waterways Are Key to Fixing 15% of Earth’s Nitrogen

August 14, 2025
MIT scientists show how they’re developing AI for humanoid robots – CBS News

Inside the Future: How Scientists Are Creating AI to Revolutionize Humanoid Robots

August 14, 2025

Inside the State-of-the-Art $14.8M Marathon County Forensic Science Center: Everything You Need to Know

August 14, 2025
615,293 Shares in Atour Lifestyle Holdings Limited Sponsored ADR (NASDAQ:ATAT) Acquired by WFM ASIA BVI Ltd – MarketBeat

WFM ASIA BVI Ltd Expands Ownership with Acquisition of 615,293 Shares in Atour Lifestyle Holdings Limited

August 14, 2025
Midwest Technology Summit held in Fargo – WDAY Radio

Midwest Technology Summit held in Fargo – WDAY Radio

August 14, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (771)
  • Economy (794)
  • Entertainment (21,671)
  • General (16,473)
  • Health (9,833)
  • Lifestyle (804)
  • News (22,149)
  • People (795)
  • Politics (802)
  • Science (16,007)
  • Sports (21,291)
  • Technology (15,773)
  • World (777)

Recent News

Is This the Hardest Physical Contest in the World? – The Atlantic

Could This Be the Toughest Physical Challenge on Earth?

August 15, 2025
Trump’s tariffs, other federal policies starting to ding Minnesota’s economy – Star Tribune

Trump’s tariffs, other federal policies starting to ding Minnesota’s economy – Star Tribune

August 15, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version