As a country with a thriving young population, many rely on a variety of digital platforms due to the convenience and benefits offered. Yet this space faces challenges such as digital insecurity and fraudulent activity, pushing victims and less tech-savvy people to go offline. This concern that threatens the growth of financial inclusion in Nigeria is being thwarted by safe digital banking platforms like NowNow Digital Systems.
A Digital Trust and Security Index report for the first quarter of 2022 found payment fraud attempts jumped 23% year-over-year in 2021, with the fintech industry targeted disproportionately. The report also found that in the finserv parent vertical of Sift’s network of more than 34,000 sites and apps, payment fraud attack rates soared 70% in 2021, the biggest increase of any peak in 2020-2021. Of these, digital wallets and payment service providers (PSPs) saw attempted payment fraud attacks increase by 200% and 169% respectively.
In Nigeria, these numbers are no better. According to a 2021 fraud report from the Nigeria Inter-Bank Settlement System (NIBSS), overall fraud attempts increased by 187% between 2019 and 2020. When broken down by category, it was revealed that the top fraud platforms in 2020 included web (47%), mobile (36%), ATM terminals (9%) and POS terminals (7%).
This reveals the importance of security measures that digital banking platforms must employ to protect users’ data and finances from cyberattacks. This is a major task facing digital financial services platforms as they strive to onboard millions of Nigerians by transitioning them from the unbanked to the financially included. This process is cut short when fraudsters hijack blind spots to defraud vulnerable people.
As the world continues to digitally expand, Nigeria cannot afford to be left behind. That’s why NowNow is committed to providing a safe space in the digital world for financial services NowNow, one of Africa’s leading digital banking platforms, offers unsuspecting customers the safest way for their financial transactions through to its innovative features that are continuously updated and to the use of global best practices. to ensure that their services provide much-needed assurance to clients and business owners.
NowNow is PCI DSS (Payment Card Industry Data Security Standard) certified, which means that all transactions on their platforms are secure and impenetrable for fraudsters to intercept. PCI DSS also provides security for card transactions and protects cardholder information from theft.
When registering for NowNow’s platforms, users are required to designate a personal identification number (PIN). This PIN code is then requested during each connection attempt. Moreover, this 4-digit PIN code is always requested from the user to authenticate a transaction after the ‘confirm and pay’ page. To verify their account, users are prompted to enter a one-time password (OTP) which is sent to their registered mobile number for authentication.
Additionally, NowNow has developed several measures to protect users and control fraudulent activities. One of the security measures is to educate the public about the importance of securing their PIN and the dangers of sharing their PIN with someone else. Additionally, they go the extra mile to enlighten their users on the need to reduce outside access to their devices and the dangers of accessing the NowNow platform through a public internet connection.
In addition, NowNow has developed effective controls that prevent fraud and launch a vigorous and prompt investigation in the event of attempted fraud. The purpose of this investigation is to review systems and procedures to prevent similar attempts from happening again. This is also complemented by recording and reporting all discovered fraud attempts to the relevant regulatory authorities for their prompt awareness and involvement. In addition, NowNow takes appropriate disciplinary and legal action in all cases where warranted.
Through these and other procedures, NowNow overcomes the obstacles resulting from the growth of the global digital revolution and the increased reliance on digital channels. Despite the increase in instances of fraudulent practices, a major challenge for platforms aiming to drive adoption of their product or service, NowNow is delivering on its commitment to providing safe, top-notch financial services.
The leading fintech seeks to foster financial empowerment and introduce safe financial products and services for Nigerians. The company has built an ecosystem that digitizes payments and creates access to financial services for agents, consumers and businesses. NowNow’s secure mobile banking solution aims to penetrate and strengthen financial inclusion in rural and urban communities using safe and simplified branchless banking initiatives.
Digital banking has become necessary following the rise of online transactions and has been touted as a suitable strategy to increase financial inclusion across the country. With safe and secure digital banking solutions, Nigeria stands a good chance of penetrating financially underserved communities and reaching unbanked Nigerians.