PalmPay, a fintech and digital payments company, has strengthened its customer security measures in response to evolving digital fraud risks, including phishing, social engineering, SIM-swap fraud and account compromise.

The digital payments company in a statement said the measures are designed to give customers additional protection against unauthorised access and transactions, particularly when phones are lost or stolen or when suspicious activity occurs on an account.

The measures include 86112# USSD Lock, which customers can use to restrict access to their PalmPay accounts when their phones are lost or stolen.

PalmPay also said its Night Guard feature allows customers to set protection hours between 11:00pm and 7:00am, with additional verification required for transfers during the selected period. Its Large Transaction Shield provides an additional verification step for large-value transactions.

The development comes as Nigerians face increasingly convincing attempts to obtain financial information through fake websites, messages and links.

In one incident shared online, a Nigerian user said she lost almost N400,000 after clicking a link relating to an alleged Federal Road Safety Corps (FRSC) traffic offence and entering her card details on what appeared to be a legitimate website.

In another incident, a user described how money was subsequently debited from his account after his mobile phone was stolen, highlighting the potential risks associated with financial accounts linked to compromised devices.

Digital payment fraud losses in Nigeria fell by 51 per cent to N25.85 billion in 2025, according to the Nigeria Inter-Bank Settlement Systems (NIBSS). However, phishing, social engineering, SIM-swap fraud and account compromise remain areas of concern.

PalmPay said the security measures form part of its ‘PalmPay Dey For You’ campaign, which seeks to improve customer awareness of digital security risks.

The company has also upgraded its Security Centre, bringing account protection tools and support options together.

PalmPay advised customers not to share sensitive information such as PINs, one-time passwords and passwords, and to be cautious when responding to unexpected messages or clicking unfamiliar links.

It also urged customers to verify the identity of anyone requesting financial or account information and to use available security controls when they suspect their accounts may be at risk.