OPay introduces new security features to safeguard users
By Esther Agbo
Leading fintech company OPay has announced the launch of enhanced security features to protect customer funds. In a statement released on Sunday, the mobile money platform emphasised its commitment to providing users with peace of mind.
Licensed by the Central Bank of Nigeria, OPay revealed that its users’ deposits are insured by the Nigeria Deposit Insurance Corporation, akin to traditional banks, offering an additional layer of protection against unforeseen events.
OPay Managing Director, Mr. Dauda Gotring stated, “At OPay, users’ financial security is our top priority. By combining comprehensive regulatory compliance, innovative security features, and ongoing user education, we are building a digital banking ecosystem where users can transact with confidence.”
“We have developed a short code to allow users to lock their accounts immediately if their phone or card is misplaced or stolen. So, if this ever happens to our dear users, they can get a phone and dial #955*131# to lock their account and #955*132# to lock your card immediately without any hassle.”
The firm explained that this USSD short code allows instant control over one’s OPay account and card, ensuring security in the event of a lost or stolen mobile phone.
OPay is also taking steps to protect users from phishing attacks and scams. The company regularly sends SMS and in-app notifications to remind users never to disclose their one-time password, as no OPay staff will ever request it. This educational effort aims to create a vigilant community against fraud.
Part of the statement read, “Protecting users’ data from phishing attacks and scams is equally crucial. OPay is actively committed to raising user awareness through regular SMS and in-app notifications. These reminders emphasise the importance of never disclosing your one-time password, as no OPay staff will ever request it. By empowering users with knowledge, OPay fosters a vigilant community against fraudulent activities.”
Additionally, OPay has implemented an advanced fraud detection system that monitors for suspicious activities. If a potential scam is detected, the system triggers a double-confirmation alert before any transaction proceeds, allowing users to verify the recipient and transaction details. This mechanism acts as a vigilant financial guard, preventing scams before any damage occurs.
