The Managing Director of PalmPay Nigeria, Chika Nwosu, has called for greater collaboration among individuals, businesses, and governments to combat the rising threat of fraud in the country.
Speaking during PalmPay’s Anti-Fraud Walk on Saturday, organised as part of the 2024 International Fraud Awareness Week, Nwosu described fraud as a “systemic threat” that undermines trust, security, and economic progress.
International Fraud Awareness Week, observed globally in the third week of November, aims to raise awareness of fraud through prevention campaigns, education, and advocacy.
PalmPay joined this global initiative with a rally across Lagos, moving through key locations such as Ikeja and the bustling Computer Village, to spread its message of fraud prevention and equip individuals with tools to stay protected.
“Fraud is more than just a crime—it is a systemic threat that undermines trust, compromises security, and disrupts progress,” Nwosu said. He highlighted the far-reaching impact of fraud, noting that it affects personal livelihoods and the integrity of businesses.
Citing recent data from the Financial Institutions Training Centre, Nwosu disclosed that over 11,500 fraud cases were reported in the second quarter of 2024, targeting mobile, web, and point-of-sale channels.
He said these figures represent “real people whose trust has been broken and whose finances have been compromised.”
Nwosu explained that PalmPay has prioritized fraud prevention through awareness and education.
“At PalmPay, we recognize that combating fraud begins with awareness. This week, we have focused on empowering individuals to safeguard their digital identities, spot fraudulent schemes, and take swift action when they encounter suspicious activities,” he said.
He outlined key fraud prevention measures, advising individuals to stay informed about emerging fraud tactics, protect personal and financial information with strong passwords and secure platforms, verify requests for sensitive information, and report suspicious activities promptly.
Nwosu also emphasised the importance of sharing fraud prevention knowledge to create a ripple effect of awareness.
The MD said PalmPay’s anti-fraud campaign has engaged users and the public through multiple platforms since the start of the awareness week.
“By working together, we aim to bridge the knowledge gap that fraudsters often exploit,” he said, adding that the company is committed to ensuring everyone has the tools needed to stay protected.
Nwosu also highlighted PalmPay’s investments in advanced security technologies and its collaboration with industry stakeholders to strengthen fraud prevention measures.
“Our commitment to leading the fight against fraud extends beyond our platforms and services. It reflects our efforts to engage communities and create a safer financial ecosystem,” he said.
He called on all stakeholders to join forces to combat fraud, stating, “Together, we can create an environment where individuals and businesses can thrive without fear, knowing that trust and security are at the heart of our digital world.”
