* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 29, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • 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
    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • 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
    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    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

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

June 29, 2025
Fireworks sales support Folsom youth sports: ‘This is our biggest fundraiser’ – Sacramento Bee

Fireworks Sales Ignite Support for Folsom Youth Sports: “This Is Our Biggest Fundraiser

June 29, 2025
Murder, she measured: The impressive science behind Agatha Christie’s poisons – Big Think

Deadly Secrets Unveiled: The Fascinating Science Behind Agatha Christie’s Poisons

June 28, 2025
Science and social norms – Golf Course Management magazine

How Science is Revolutionizing Social Norms in Golf Course Management

June 28, 2025
Study Links Skipping Breakfast to Poor Diet and Lifestyle Habits in Teens – Olive Oil Times

Study Links Skipping Breakfast to Poor Diet and Lifestyle Habits in Teens – Olive Oil Times

June 28, 2025
What Worries the World – June 2025 – Ipsos

Top Global Concerns Shaping June 2025

June 28, 2025
Small business owners aren’t jumping for joy about the US economy – but they still aren’t jumping ship – The Guardian

Small Business Owners Hold Firm Amid Ongoing Uncertainty About the US Economy

June 28, 2025
U.S. uninsured rates could resurge if Trump’s budget bill passes – NPR

U.S. Uninsured Rates Could Surge if Trump’s Budget Bill Becomes Law

June 28, 2025
Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

June 28, 2025
Axios Event: Media execs are betting big on women’s sports – Axios

Axios Event: Media execs are betting big on women’s sports – Axios

June 28, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
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 (699)
  • Economy (722)
  • Entertainment (21,613)
  • General (15,611)
  • Health (9,761)
  • Lifestyle (727)
  • News (22,149)
  • People (723)
  • Politics (728)
  • Science (15,939)
  • Sports (21,219)
  • Technology (15,707)
  • World (702)

Recent News

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

June 29, 2025
Fireworks sales support Folsom youth sports: ‘This is our biggest fundraiser’ – Sacramento Bee

Fireworks Sales Ignite Support for Folsom Youth Sports: “This Is Our Biggest Fundraiser

June 29, 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