As the digital financial landscape continues to evolve, the need for enhanced security measures becomes increasingly apparent. With a surge in fraud and cybercrime incidents within the financial sector, consumers are demanding more robust security features from their service providers.
In response to these growing concerns, OPay has introduced a new feature called the “Large Transaction Shield.” This innovative feature combines biometric verification with transaction approval to provide users with an added layer of security when making high-value transactions.
The Large Transaction Shield allows users to set limits on single transaction transfers, ranging from a minimum of ₦100,000 to a maximum of ₦300,000. Once the user’s predefined limit is reached, the app prompts for additional biometric authentication, specifically facial verification, before the transaction can be finalized. This additional step ensures that only the account holder can authorize large transactions, reducing the risk of unauthorized transfers.
In cases where facial verification fails, the app initiates a one-time password (OTP) request for further authentication. This multi-step security process adds an extra level of protection, making it significantly more challenging for fraudsters to complete large transactions without the account owner’s consent.
It’s important to note that the Large Transaction Shield feature applies only to transfers made within the OPay app and does not extend to debit card transactions or transfers made on other platforms.
Dauda Gotring, the CEO of OPay, emphasized the importance of the Large Transaction Shield in enhancing security for customers. He stated, “The Large Transaction Shield is a testament to our dedication to providing a secure and reliable platform for our customers. By requiring facial verification for large transactions, we are further strengthening our defenses against potential fraud and ensuring that every payment is authorized by the rightful account holder.”
Activating the Large Transaction Shield is a straightforward process. Users can access the feature by navigating to the “Transfer Protection” section within the OPay app and selecting the “Activate” button under the Large Transaction Shield option. From there, users can set their preferred transaction limits, including single transaction, daily, and monthly limits. After agreeing to the terms and conditions, users can activate the feature, providing them with peace of mind when conducting high-value transactions.
In today’s rapidly evolving financial services landscape, digital financial services in Nigeria have experienced significant growth, driven by the widespread adoption of mobile banking and digital wallets. However, this growth has also led to an increase in fraudulent activities. Data from the Financial Institutions Training Centre (FITC) revealed a sharp rise in financial fraud in Nigeria, with billions lost to fraudsters in a single quarter.
Fraud is a global issue, with a significant number of adults falling victim to fraudulent activities. As digital payment systems become increasingly integrated into everyday life, financial institutions must continuously innovate to protect users. OPay’s Large Transaction Shield offers a vital solution by empowering consumers to take control of their financial security.
Experts emphasize the need for consumers to actively participate in safeguarding their funds. Features like the Large Transaction Shield allow users to set transaction limits and add an extra layer of verification for high-value transactions, aligning with the growing trend of shared responsibility for security between providers and users.
OPay’s Large Transaction Shield represents a significant advancement in combating financial fraud in Nigeria’s digital payment space. By incorporating biometric verification and customizable transaction limits, OPay enables users to proactively protect their financial assets.
In a time where financial fraud is on the rise, innovations like the Large Transaction Shield play a crucial role in building trust and ensuring the safety of digital financial transactions. For consumers, this feature serves as a valuable tool in safeguarding their finances from cybercriminals.
