Fraud Control: Opay Introduces New Security Feature to Protect Users Funds

Nigerian Fintech company Opay has rolled out a new security feature for users, to enable them to protect their funds by blocking their account incase their mobile phone is stolen or misplaced.

The Fintech startup has rolled out a short USSD code *955*131#, which enables users to instantly lock their accounts with a single dial. This code can potentially save users from unauthorized transactions and ensure account safety.

Speaking on the rollout of the feature, Managing Director of OPay, Dada Gotring said,

“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 their card immediately without any hassle.”

Adding another layer of protection, OPay’s advanced fraud detection system actively monitors for suspicious activity. If a potential scam is identified, the system triggers an immediate double-confirmation alert before any transaction occurs. This crucial pause empowers users to verify the recipient and transaction details, effectively catching scams in their tracks before any damage is done It’s like having a vigilant financial guard protecting users in the digital marketplace.

Protecting users’ data from phishing attacks and scams is equally crucial, as OPay is actively committed to raising user awareness through regular SMS and in-app notifications.

Apart from the rollout of security features on its platform, OPay operates as a licensed Mobile Money Operator (MMO) by the Central Bank of Nigeria (CBN), adhering to the highest regulatory standards. 

Furthermore, user’s deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC), offering the same level of insurance coverage as traditional banks. This double layer of protection shields users hard-earned money against unforeseen circumstances.