Tackling Online Payment Fraud with the Gold Treats

 
Online payment fraud has become a pervasive problem, with global losses projected to reach $343 billion between 2023 and 2027. In Nigeria, the lack of trust in digital transactions has hindered the growth of e-commerce and online businesses.  Amidst this challenge, a new solution has emerged: the Gold Treats App, a dual-purpose platform that combines secure escrow payments with advanced social communication features.
Developed by GT USA Integrated Link, a subsidiary of Gold Treats, and spearheaded by tech visionary Gold Okechukwu Stanley Obiefuna, this innovative app aims to transform the digital transaction landscape by fostering trust and security among users. Writes MARY NNAH
 
 
In the digital age, where online transactions have become the norm, trust has become a luxury. With online payment fraud expected to reach a staggering $343 billion between 2023 and 2027, many Nigerians have lost faith in the digital payment system. However, one tech visionary is on a mission to change that narrative.
 
Gold Okechukwu Stanley Obiefuna, the CEO of Gold Treats Nigeria, has launched the groundbreaking Gold Treats App. This dual-purpose platform seamlessly integrates secure escrow payments with advanced social communication features.

Renowned host of the popular Nigerian TV show, “Who Wants to Be a Millionaire”, and anchor of the launch event, Frank Edoho, warmly welcomed guests to the launch of Gold Treats App, saying, “Necessity is often the driving force behind innovation, and Gold Treats is a perfect example.
“In today’s digital transactions, it’s not uncommon to encounter uncertainty about the authenticity of the seller or the security of the payment. This is where the Gold Treats App comes in, a fintech solution that bridges the gap by acting as a trusted mediator between buyers and sellers. With its robust communication features and user-friendly interface, this app is poised to revolutionise the way we transact online, providing a much-needed safeguard against frauds”, Edoho added
 
The app, launched at a grand media briefing in Lagos recently, is set to transform the digital transaction landscape by fostering unparalleled trust and security among users. With its innovative escrow system, Gold Treats App acts as a neutral third party, safeguarding funds until all transaction terms are fulfilled, eliminating the risk of fraud and offering peace of mind to buyers, sellers, and service providers alike.
 
But what sets Gold Treats App apart is its robust communication suite, which enables voice and video calls with privacy-first features, such as screenshot and screen-recording controls. Users can validate items or services in real-time, bridging the gap between virtual and tangible interactions.
 
The brain behind the initiative, Obiefuna, from Nimo in Njikoka LGA of  Anambra State, emphasised the importance of trust in digital transactions while explaining the inspiration behind the app’s name, “I want people to be gold-treated. When they are making transactions, I want them to be gold-treated. Because customers are the major people in the world. If you don’t have any customers, you don’t make money. So you have to be gold-treated when you are making transactions.”
 
The Gold Treats App offers a secure payment suite with token-based pass code retrieval, holding funds until transaction conditions are met, known as Gold Treats Escrow. It also enables internet-based voice and video calls with customisable screenshot/recording restrictions for secure interactions, providing Privacy-First Communication.
 
Users can track transaction statuses instantly for complete visibility and confidence, thanks to Real-Time Transparency. The app supports bank transfers, digital wallets, and more for user convenience, and has a structured legal process to fairly resolve conflicts, ensuring trust in every transaction.
 
Additionally, the app features embedded rewards for individuals, businesses, and merchants to foster long-term engagement, and a Single Click Give Away feature that guarantees the most efficient way to disburse give away prizes to winners with ease. Users can also generate tokens for cardless transactions, making payment for products and services seamlessly through Cardless Merchant Payment.
 
As Obiefuna looks to the future, he said, “Our long-term plans for Gold Treats would be to keep on innovating. We keep on making Gold Treats to be one of the best apps in the world. And Gold Treats, of course, is going places. Five years from now, I think Gold Treats will take over the world in fintech and social communication.”
 
The Gold Treats App is more than just an app. It’s a movement towards a secure and seamless global payment ecosystem. With its innovative features and commitment to trust and security, it’s set to revolutionise the way we make digital transactions.
 
Obiefuna believes that trust is the backbone of any successful transaction. “With Gold Treats App, we are not just providing a platform for digital transactions; we’re providing a promise of trust, a promise of transparency, and a promise of transformation.”
 
The app’s launch event was attended by industry leaders, media personalities, and potential users, who were impressed by the app’s features and potential to revolutionise digital transactions.
 
Business Development & Customer Service Consultant, Ayorinde Olalekan, welcomed attendees to the Gold Treats app launch event, describing it as a groundbreaking innovation that solves a major problem in digital payments. He highlighted the app’s ability to hold funds in escrow until certain conditions are met, ensuring a secure and trustworthy transaction experience.
Olalekan emphasised that the app leverages cutting-edge technology to provide a seamless and stress-free experience for users.
 
Chief Technology Officer, Gold Treats, Ernest Nweke, provided an in-depth walkthrough and live demonstration of the Gold Treats App, highlighting its key security features. He noted that buying and selling have long been a source of conflict in Nigeria, particularly when transactions involve distant locations and uncertain delivery.
However, Gold Treats, he said, addresses these concerns by offering a secure platform for seamless transactions. Nweke emphasised that the app’s design prioritises customer security and ease of use, providing a reliable solution for online transactions.
“Gold Treats bring in security for those who intend to purchase, but what they want to buy is not within their location. And they are also afraid that if they buy, they may not get the product. So, we have a lot of features and  designs, especially to the customers to enable them to make seamless transactions, and yet very secure”, Nweke added.
 
Business Risk & Publicity Manager, Gold Treats, Augustine Chimela Ibelegbu,  provided an overview of how the app works. “Basically, Gold Treats is a revolutionary application for payments with or without escrow. When we say escrow, we mean you want to hold your funds until the seller performs their obligations. You have paid, but it’s in a system where until you confirm performance, the fund will not moved.”
He noted that the app’s escrow system eliminates the risk of fraud, offering peace of mind to buyers and sellers
 
Ibelegbu explained that the app is designed to solve the problem of trust in online transactions. “Most of the problems we have in payment nowadays are you not trusting the other party to the transaction. That is what Gold Treats is here to solve for you.”
 
The app’s escrow service allows users to hold funds until the seller performs their obligation. “You can pay and then hold the money in a password or token infrastructure until the service is performed before you use the token,” he said.
He also emphasised that the app’s social communication feature enables users to make voice or video calls using just their email address, while maintaining privacy and security. 
“You can, using your email address, you don’t even need a phone number, in case you are too private about that. By means of just an email address, you can freely do a voice call or a video call and then see how your goods are moving from one point to another”, he said.
 
The Risk and Publicity Manager also discussed the problem of online payment fraud, citing statistics that show a 70% rise in global scams from 2020 to date, with projected losses of up to $343 billion between 2023 and 2027. “Global losses in online payments are due to snowball to up to $343 billion between 2023 and 2027. Consumers are also reported to be losing more than $5.8 billion in fraud since 2021.
He noted that Gold Treats aims to eliminate this problem by providing a secure and trustworthy platform for online transactions.
 
The app’s target market includes individuals, businesses, supermarkets, banks, organisations, freelancers, and contractors who engage in digital transactions and online payments. “Everyone is our target market”, Ibelegbu said.
 
He outlined the benefits of using Gold Treats, including an agile and secure payment system, social communication tools, and bulk transfer capabilities. “You are looking for an agile and secure payment system. You are looking for social communication, a collaborative app. You are looking for a deployment platform that is quick yet safe.”
 
Ibelegbu walked through the steps to using the app, including reviewing items, making payments via wallet or account system with or without a token, and releasing funds once the buyer is satisfied with the service provided.
He also explained the five steps to using the escrow service, which include agreeing on terms, paying through Gold Treats escrow, supplier performance, buyer acceptance, and releasing funds.
 
Overall, he emphasised that Gold Treats is a safe and secure platform for online transactions, designed to solve the problems of trust and security in digital payments. “Gold Treats helps you to solve questions like… How can I trust online payments and reduce risk in online transactions?”

Legal Representative and Adviser, Somadina Eugene Okorie, shared his experience with the Gold Treats App. He revealed that Gold Obiefuna, the inventor of the App, had been pursuing him for five years to join the project.

“Mr. Gold Obiefuna, the inventor of the App, had chased me for five years to make me part of the Gold Treats project because he doesn’t live in Nigeria but stays in America,” Okorie said.

Okorie initially pushed the idea away but later learned that Obiefuna had created something unique and worthy of recognition. “I was pushing him away, but after a while, I learned that he had brought something unique and Nigerians should be proud of,” he said.

He revealed that the app faced a challenge from a Finnish individual during the trademark registration process in America. However, the challenge was deemed unfounded. “Somebody challenged the App from Finland. At the end of the day, the panel discovered that he has nothing close to what Gold Treats is about”, Okorie explained.

He praised the app’s innovative features, including its dispute resolution system and instant money reversal capability.
“The app has in itself a system that takes care of everything that has to do with issues. So in any situation where there is any dispute, we have developed a system to resolve it without anybody getting hurt,” he said.

He further highlighted the app’s benefits, saying, “This app is the only app on Earth that reverses money.but with a passcode.. If you make a payment, a wrong payment, you can reverse it with a passcode.”
Okorie also noted that the app combines fintech and social media features, enabling users to communicate securely via video calls with protections against screenshots and screen recording.

“This is an innovation that all of us and Nigerians are going to be proud of. So, it is an opportunity and privilege to be here today to talk about Gold Treats. And I’m telling you with all sense of responsibility, that this is one of the best that has happened to Nigeria”, Okorie said.

Director of Media and Publicity, Chinedu Cyprian Ugonweze, expressed his honour and privilege to speak about Gold Treats and saluted Obiefuna’s courageous audacity and mental acumen that have brought Gold Treats to where it is today.
He described Gold Treats as an unrivalled and unmatched app that encompasses escrow, fintech, social media, and generation.

Ugonweze highlighted the significance of trust, noting that it’s a rare commodity, particularly in this region. “Trust is a very rare commodity… there’s a complete lacuna of trust in this part of the world,” he said. However, he praised Gold Treats for finding a solution to this problem with its innovative app.

According to Ugonweze, Gold Treats is a game-changer that will solve numerous problems in one go. “Gold Treats has succeeded in finding a way around a problem that has been eating people to the fabric of our life by bringing this scientifically demo app to Nigeria,” he said.