PalmPay Highlights Growing Risks as Digital Fraud Tactics Evolve

Digital fraud is becoming increasingly difficult to spot as scammers use more convincing messages, fake websites and impersonation tactics to target consumers.

Recent experiences shared online illustrate how quickly seemingly ordinary situations can become financial risks.

One Nigerian user, for instance, shared on X how she lost almost N400,000 after following a link connected to an alleged FRSC traffic offence and entering her card details on what appeared to be an official website.

In another case, a user reported that money was debited from his account after his mobile phone was stolen, highlighting the risks that can arise when a device connected to financial accounts falls into the wrong hands.

Although digital payment fraud losses in Nigeria declined by 51% to N25.85 billion in 2025, NIBSS data indicates that social engineering remains a concern, with phishing, SIM-swap fraud and account compromise continuing to change.

The evolving nature of these threats has placed greater focus on both customer awareness and the security measures available to protect digital accounts.

PalmPay Nigeria Managing Director, Chika Nwosu, said consumers need to approach the convenience of digital payments with greater awareness.

“Digital payments are revolutionising how we handle money which is a good thing. But this convenience must be matched with caution. Understanding what to look for in a provider can significantly reduce the risk of fraud,” Nwosu said.

Through its ‘PalmPay Dey For You’ campaign, PalmPay is highlighting basic security practices, including protecting PINs, OTPs and passwords, treating unexpected links with caution and verifying requests for financial information.

According to PalmPay Nigeria Head of Marketing, Femi Hanson, practical security measures can be particularly useful when customers are more vulnerable to fraud.

“With many fraud incidents happening at night, particularly after a phone is lost or when scammers believe a customer may be less alert, it is important for users to have practical tools that can strengthen account security,” Hanson said.

As fraud tactics become more sophisticated, the experiences of affected consumers underline the need for both stronger security systems and greater awareness of how to identify and respond to potential threats.

PalmPay’s Security Centre provides customers with access to account protection tools and support options that can help them respond when security concerns arise.