OPay Introduces Large Transaction Shield for Enhanced Security Against Fraud
OPay, a leading digital financial services platform in Nigeria, has recently launched a new security feature called the “Large Transaction Shield.”
This innovative feature is designed to provide an extra layer of protection for users making significant transactions within the OPay app.
How the Large Transaction Shield Works:
1.Setting a Limit: Users can set a specific limit for single transactions, ranging from N100,000 to N300,000.
2. Biometric Verification: Once the set limit is
reached, the app automatically prompts users to undergo facial verification.
3. Additional Authentication: If facial verification fails, an OTP is sent to the user’s phone number for further authentication.
This multi-step security process ensures that even if a fraudster gains access to an account, the layers of verification will make it significantly harder to complete a large transaction without the account holder’s approval.
However, it’s worth noting that this feature only applies to transfers made within the OPay app and does not extend to debit card transactions or transfers made on other platforms. “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,” Dauda Gotring, CEO of OPay Shares.
Features like the Large Transaction Shield will help users actively participate in the safeguarding of their accounts by giving them control over their transaction limits and adding another layer of verification for high-value transactions. This aligns with a growing trend in financial services where security is seen as a shared responsibility between the provider and the user.
OPay’s Large Transaction Shield represents a significant step forward in combating financial fraud in Nigeria’s digital payment space.
By combining biometric verification with customisable transaction limits, OPay empowers users to take control of their financial security.
Source: Techpoint
