OPay, a Nigerian financial technology firm, has implemented various security measures to prevent financial fraud.
The initiative was aimed at improving the platform’s security and protecting customers from fraudulent activities, the firm said in a statement.
OPay said it was recently applauded by the World Economic Forum and was recently awarded the consumer choice award by ADVAN.
It operates as a licensed Mobile Money Operator licensed by the Central Bank of Nigeria, adhering to the highest regulatory standards.
Part of the statement reads, “Furthermore, user’s deposits are protected by the Nigeria Deposit Insurance Corporation, offering the same level of insurance coverage as traditional banks. This double layer of protection shields users’ hard-earned money against unforeseen circumstances.
“Beyond regulatory safeguards, OPay has actively developed innovative features to empower users with direct control over their financial security. Introducing the 955131# USSD short code, users can instantly lock their OPay account in case of their mobile phone being misplaced or stolen.
“This swift action can potentially save you from unauthorised transactions and ensure peace of mind. Additionally, the 955132# USSD code grants you immediate control, allowing you to lock your OPay card with a single dial.”
The Managing Director of OPay, Dauda Gotring, stated, “At OPay, Users’ financial security is our top priority. By combining comprehensive regulatory compliance, innovative security features, and ongoing user education, we are building a digital banking ecosystem where users can transact with confidence.
“We have developed a short code to allow users to lock their accounts immediately if their phone or card is misplaced or stolen. So, if this ever happens to our dear users, they can get a phone and dial 955131# to lock their account and 955132# to lock their card immediately without any hassle.
“Adding another layer of protection is the Opay advanced fraud detection system actively monitors for suspicious activity. If a potential scam is identified, the system triggers an immediate double-confirmation alert before any transaction occurs.”
According to Gotring, this crucial pause empowers users to verify the recipient and transaction details, effectively catching scams in their tracks before any damage is done.
“It is like having a vigilant financial guard protecting users in the digital marketplace.
“Protecting users’ data from phishing attacks and scams is equally crucial. OPay is actively committed to raising user awareness through regular SMS and in-app notifications. These reminders emphasize the importance of never disclosing your One-Time Password (OTP), as no OPay staff will ever request it. By empowering users with knowledge, OPay fosters a vigilant community against fraudulent activities,” he noted.
