To stop financial fraud, OPay, a Nigerian financial technology company, has put in place a number of security measures.
According to a statement from the company, the move was designed to strengthen platform security and shield users from fraudulent activity.
OPay claimed to have received praise from the World Economic Forum and the ADVAN Consumer Choice Award recently.
It complies with the strictest regulatory requirements in its capacity as a Mobile Money Operator authorised by the Central Bank of Nigeria.
“In addition, the Nigeria Deposit Insurance Corporation safeguards user deposits, providing an equivalent degree of insurance protection as conventional banks,” the statement states in part. This dual degree of security guards against unanticipated events with consumers’ hard-earned money.
“OPay has aggressively created unique features to provide users direct control over their financial security, going beyond regulation measures. Introducing the 955131# USSD short code, which allows users to lock their OPay account instantaneously in the event that their phone is lost or stolen.
“By acting quickly, you may be able to prevent unlawful transactions and have peace of mind. You also get instant control by dialling the 955132# USSD code, which lets you lock your OPay card with only one dial.
“Users’ financial security is our top priority at OPay,” said Dauda Gotring, Managing Director of OPay. We are creating a digital banking ecosystem where customers can transact with confidence by fusing extensive regulatory compliance, cutting-edge security measures, and continual user education.
We have created a brief code that enables customers to instantly freeze their accounts in the event that their phone or card is lost, stolen, or misplaced. Therefore, in the unlikely event that this occurs, our beloved users can simply lock their card without any fuss by dialling 955132#, and they can freeze their account by dialling 955131#.
“The Opay sophisticated fraud detection technology continually checks for suspicious activity, adding an additional degree of protection. When the system detects a possible scam, it immediately initiates a double-confirmation.
Gotring claims that by enabling users to confirm the receiver and transaction details, this important halt effectively stops scammers in their tracks before any harm is done.
It’s similar to having a watchful financial guard watching over users in the online market.
It is equally important to safeguard user data from phishing attacks and scams. OPay is dedicated to increasing user awareness by sending out frequent SMS and in-app alerts. These reminders stress how crucial it is to never share your One-Time Password (OTP), since nobody at OPay would ever ask for it. He said, “OPay builds a watchful community against fraudulent activities by arming users with knowledge.”