Opay Sends Important Update After Nigerian Banks Dismisses 93 Employees for N10bn Fraud
- A whole suite of security updates has been provided by mobile money company Opay in an effort to keep its users safe
- According to its managing director, Dauda Gotring, the decision was made with respect to the need to ensure financial security
- OPay noted that it operates as a Mobile Money Operator (MMO) under the Central Bank of Nigeria's (CBN) toughest regulatory guidelines
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Opay, a mobile money platform, has released a comprehensive set of security updates designed to protect its users.
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According to its managing director, Dauda Gotring, the decision was made in consideration of the importance of guaranteeing financial security in a society with growing reliance on digital solutions.
OPay said in a statement that it complies with the strictest regulatory requirements and operates as a Mobile Money Operator (MMO) regulated by the Central Bank of Nigeria (CBN).
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Additionally, the Nigeria Deposit Insurance Corporation (NDIC) safeguards user deposits, providing the same level of insurance coverage as conventional banks.
This dual degree of security guards against unanticipated events with consumers' hard-earned money.
According to Gotring, OPay has deliberately created cutting-edge features to provide consumers direct control over their financial security, going beyond legal protections.
He mentioned, for example, that consumers can now instantaneously freeze their OPay account in the event that their mobile phone is lost or stolen by introducing the *955*131# USSD shortcode.
According to him, this swift action can potentially save users from unauthorised transactions and ensure peace of mind.
Additionally, Gotring stated that it is actively committed to increasing user awareness through frequent Short Message Service (SMS) and in-app notifications because safeguarding users' data from phishing attempts and frauds is equally important.
He saido,
“These reminders emphasise 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.
“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 #955*131# to lock their account and #955*132# to lock your card immediately without any hassle.”
OPay's sophisticated fraud detection technology actively searches for questionable activities, adding yet another degree of security. Before a transaction is completed, the system instantly sends out a double-confirmation alert if it suspects a scam.
By enabling users to confirm the receiver and transaction details during this vital pause, scammers are successfully stopped in their tracks before any harm is done. It's similar to having a watchful financial guard defending consumers in the online market.
Banks Sack 93 Workers over N10.7 Billion Insider Fraud
Legit.ng reported that Nigerian banks dismissed about 93 employees for fraud-related cases last year.
Fraud losses of about N10.7 billion were reported in the Nigerian banking industry between 2023 and 2024.
Data from the Financial Institutions Training Centre (FITC) disclosed that Nigerian banks recorded about 318 cases of staff collusion in fraud during the period under review.
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Source: Legit.ng
