Nigerian financial technology company, OPay, has introduced a number of security measures to combat financial fraud.
The PUNCH reported that according to the corporation, the program aimed to improve platform security and protect clients from fraudulent actions.
OPay stated that it was recently recognized by the World Economic Forum and given the customer choice award by ADVAN.
It operates as a Central Bank of Nigeria-licensed Mobile Money Operator, according to the strictest regulatory standards.
The statement read, “Furthermore, user deposits are protected by the Nigeria Deposit Insurance Corporation, which provides the same level of insurance coverage as traditional banks. This extra layer of security protects users’ hard-earned money from unforeseen occurrences.”
It added that beyond statutory precautions, OPay has actively created new features that give users direct control over their financial security. The *955*131# USSD short code allows users to automatically freeze their OPay account if their mobile phone is misplaced or stolen.
“This prompt action may safeguard you from unlawful transactions and provide peace of mind. Additionally, the *955*132# USSD code provides immediate control, allowing you to lock your OPay card with a single dial.”
The Managing Director of OPay, Dauda Gotring, stated, “Our first concern is the financial security of our users. By combining full regulatory compliance, new security measures, and continuing user education, we are creating a secure digital banking ecosystem.”
The MD stated that Opay has created a short code that allows customers to rapidly freeze their accounts if their phone or card is missing or stolen. “So, if this happens to any of our valued customers, they may simply call *955*131# to lock their account and *955*132# to lock their card.
“The Opay advanced fraud detection technology adds additional degree of safety by continually monitoring for suspicious activity. If a suspected scam is detected, the system issues a quick double-confirmation alert before any transaction takes place.”
According to Gotring, this critical wait allows users to verify the receiver and transaction data, ultimately stopping scammers in their tracks before they cause any damage.
“It is like having a vigilant financial guard protecting users in the digital marketplace.”
