Tackling Cyber Threats With Innovative Security Features

In a world increasingly reliant on digital solutions, financial security stands paramount, even as OPay, Nigeria’s leading mobile money platform is proud to announce a robust suite of security enhancements, ensuring user’s fund stays secured.

OPay operates as a licensed Mobile Money Operator (MMO) by the Central Bank of Nigeria (CBN), adhering to the highest regulatory standards.

Furthermore, user’s deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC), 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 *955*131# USSD short code, users can instantly lock their OPay account in case of mobile phone being misplaced or stolen. This swift action can potentially save you from unauthorized transactions and ensure peace of mind.

Additionally, the *955*132# USSD code grants you immediate control, allowing you to lock your OPay card with a single dial.

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.

According to Mr. Dauda Gotring, Managing Director of OPay, He stated that “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.”

He further added that “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 #955*131# to lock their account and #955*132# to lock your card immediately without any hassle.”

Adding another layer of protection, OPay’s 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. This crucial pause empowers users to verify the recipient and transaction details, effectively catching scams in their tracks before any damage is done. It’s like having a vigilant financial guard protecting users in the digital marketplace.

Need to say that, the onus of financial security does not rest solely on institutions. Consumers must also take proactive steps to protect their financial information.

This is even as OPay had appealed to its users to follow best practices, to secure their funds. “We appeal to our users to always follow best practices for securing their accounts. This includes regularly updating passwords, enabling two-factor authentication, and being cautious of phishing attempts. Users should also keep their account information private and report any suspicious activity to our customer service immediately. By staying vigilant and informed, users can help us ensure the safety and security of their accounts. Rest assured, OPay remains committed to safeguarding your funds and providing a secure financial platform,” it further explained.

What you need to know

In recent years, digital payment systems have seen unprecedented growth, revolutionizing the way individuals and businesses conduct transactions worldwide. Driven by advances in technology, changing consumer behaviors, and the global pandemic, the shift from cash to digital payments has accelerated, reshaping the financial industry.

According to a report by Grand View Research, the digital payment market, which includes mobile wallets, contactless payments, and online banking, has expanded rapidly. For instance, the global digital payment market size was valued at $68.61 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 20.5 per cent from 2023 to 2030.

“Total transaction value in the Digital Payments market is projected to reach $21.32 billion in 2024. Total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 10.06 per cent resulting in a projected total amount of $31.28 billion by 2028,” it stated.

Nigeria is also witnessing a dramatic transformation in its financial sector as digital payment systems gain widespread adoption. With the convergence of technology, regulatory support, and changing consumer behaviors, digital payments are becoming an integral part of the everyday lives of Nigerians.

According to the Central Bank of Nigeria (CBN), “The growth of digital payment systems in Nigeria is remarkable. For instance, digital transactions in the country surged by 40 per cent in 2023, reaching a value of N200 trillion.”

Also, statistics from the Nigeria Inter-Bank Settlement System, showed that Nigerians used electronic gateways 1.35 billion times in March 2023, 448.54 million times more than the 901.46 million times they did in February 2023. Also, cashless transactions grew by 44.84 per cent to N126.73 trillon in the first quarter of 2023 from N87.49 trillon in the corresponding period of 2022.

This trend reflects a shift from traditional cash-based transactions to digital platforms, driven by several key factors including mobile penetration. For instance, Nigeria boasts a high mobile phone penetration rate, with over 187 million mobile subscribers as of 2023. This widespread access to mobile technology has facilitated the adoption of mobile payment platforms such as OPay.

Despite the rapid growth however, digital payments face several challenges. Cybersecurity remains a critical concern, with cyberattacks and data breaches posing significant risks.

For instance, SIM switch fraud, a method used to hijack mobile money accounts, cost telecommunications consumers more than N20 billion ($55 million), according to a 2022 report by the Nigerian Communications Commission (NCC). In addition, a report by Cybersecurity Ventures predicted that cybercrime damages are expected to reach $10.5 trillion annually by 2025.

With the rise of Artificial Intelligence (AI) and Machine Learning (ML), cybercriminals are able to automate their attacks and create more targeted and personalized phishing campaigns. Also, the growing use of mobile devices and the expanding Internet of Things (IoT) are spawning new attack vectors that FinTech firms are now aware of.

As cyber threats grow increasingly sophisticated, OPay, Nigeria’s leading mobile money platform, has however developed innovative solutions to safeguard users’ financial information and transactions.

In addition to what OPay is doing, regulatory bodies are also playing a crucial role in enhancing financial security, as governments worldwide are implementing stringent data protection laws and cybersecurity regulations to ensure that financial institutions adhere to best practices.