Opay Shares Security Update as Financial Institutions Report Over 10,000 Fraud Cases

Opay Shares Security Update as Financial Institutions Report Over 10,000 Fraud Cases

  • OPay, the financial technology platform, has bolstered the security of client funds with the launch of its new product, Nightguard
  • The company said the initiative would protect customers' assets and counter the surge in illicit financial activities
  • The Nightguard feature is considered a first-of-its-kind invention in the banking industry that increases user safety over their assets

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

OPay, a well-known provider of financial technology, has added a new tool called Nightguard to further secure customers' funds.

Opay shares security update to combat crimes
Opay launches new feature to combat rising financial crimes Photo Credit: ZF L, Yagi Studio
Source: Getty Images

The company disclosed this in a statement to the Punch on Monday, detailing its efforts to combat the surge in illegal financial activities and protect consumers' assets.

This development followed a FITC report which revealed that financial institutions in Nigeria reported 11,472 fraud cases in the first quarter of 2024.

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OPay claimed that the introduction of its ground-breaking "Nightguard" feature, which greatly improved user protection over their funds, was a first-of-its-kind innovation in the banking sector.

It stated:

“OPay Nightguard assists users in securing their accounts during hours when they are most vulnerable—while they sleep and during certain personal lifestyle periods such as late-night outings, evening social gatherings, and more.
“The Nightguard feature allows users to set a timeframe between 11:00 pm and 7:00 am during which any transfer attempts will require enhanced identity verification,” it stated.

The company added that transfers made during this time frame have to pass facial recognition, guaranteeing users the ability to stop unauthorized access to their money and accounts at night and offering the highest level of protection and comfort.

Commenting on this, the chief executive officer of OPay Nigeria, Dauda Gotring, said:

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“The Nightguard feature represents a significant advancement in Nigeria’s mobile payment landscape, offering users a robust tool to secure their financial transactions. As the leader in the fintech industry in Nigeria, OPay is committed to placing control firmly in the hands of its customers, ensuring that they have the power to safeguard their finances.”

He also said the success of the Nightguard service underlines OPay's dedication to customer security and satisfaction.

These features are unique to the OPay App and provide compelling reasons for users to download and utilise the platform.

Gotring stated that the ability for customers to set up Nightguard and rest easy knowing their accounts are secure resonates strongly with the public, particularly those concerned about phone hacking and the safety of their funds.

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Legit.ng earlier reported that amid rising fraud cases, Nigerian banks recently sent messages to customers to be vigilant.

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In similar messages, the banks also provided steps on actions customers must take to avoid falling victim.

Leadership reports that Nigerians have lost a whopping N51 billion savings to banking-related fraud between 2019 and July 2023.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng