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Financial Education: 8 Important Steps to Secure Your PalmPay Account

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PalmPay

In today’s digital age, securing your financial transactions and personal information is more important than ever.

According to the 2023 NIBSS Annual Fraud Landscape report, incidents of “Fraud loss via Internet Banking increased by 325% between 2022 and 2023, with Mobile, Web and POS being the most exploited channels by fraudsters in the country.”

At PalmPay, we prioritise the security of our users’ accounts, ensuring that your financial activities are safe and secure. But we also require you to be informed on the right steps and actions to take to secure your account. Here are eight crucial steps to help you secure your PalmPay account:

  1. Create Strong Passwords

Passwords should be complex but easy to remember. To prevent your account from being hacked, use a complex password with a mix of uppercase and lowercase letters, numbers, and special characters, for example (GOdsent123@) and avoid using easily guessable information like birthdays, pet names, names for passwords and numbers that appear in chronological order. 

At the minimum, we advise you to change your password across all your online platforms every 3 months.

  1. Enable Two-Factor Authentication (2FA)

Where applicable, enable two-step authentication for your online banking to ensure an extra layer of security. Because this requires that a second form of verification is sent to your mobile device, it makes hacking your bank account difficult. Users of the PalmPay app can enjoy its built-in safety and security features.

  1. Monitor Your Account Regularly

Safety may begin with ‘S’ but it starts with ‘You’. The human component of safety is as important as the technology side. Bank security measures are not enough to protect your money; follow safety precautions to enhance your account security. You are less prone to financial attacks when you keep an eye on your bank statements and transaction history and immediately report any discrepancies to your bank customer support

  1. Do Not Disclose Your PIN, Password and OTP

Your PIN is called a Personal Identification Number for a reason. You must avoid sharing such and other sensitive information and be cautious about sharing your personal information online, especially on social media. Thread carefully when using a bank or making payments through a point of sale (POS). Always stay vigilant and watch out for possible irregularities while patronising POS agents.

In addition, don’t disclose your password and OTP (One-Time Password) to anyone.

  1. Regularly Update Banking Apps

Failure to regularly update your banking app leaves your account open to fraudsters. This is because the latest bank app updates often include security enhancements like PalmPay’s auto-logout feature. This security feature requires users to always input their PIN when they reopen the app after each logout.

  1. Check Your Transaction Again

We understand how busy we could be in our day-to-day activities but you can always take an extra to check your transaction details before paying. Avoid falling into the trap of erroneous transactions by having a second look at the transaction.

With the PalmPay app, you get a warning pop-up to confirm the transaction details before paying.

  1. Beware of phishing attempts

There are going to be numerous phishing attempts during this period. Be cautious about emails, messages, or phone calls asking for personal information. Do not click on links or download attachments from suspicious sources. Legitimate financial platforms like PalmPay won’t call, text or email requesting your personal information.

  1. Education, Education, Education

Educate yourself by staying informed about common scams and fraud tactics, and be cautious about clicking on links in emails or text messages, especially if they seem suspicious. We are big on financial literacy in PalmPay. Take advantage of our Wallet Safety Workshops to educate yourself on best safety practices via our social media platforms or website www.palmpay.com

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Ijesha Digital Innovation Hub Set to Graduate First Cohort Trainees

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Ijesha Digital Innovation Hub has announced the graduation ceremony of its first cohort of trainees.

The landmark event will take place on Monday, July 8th, 2024, starting promptly at 2:00 PM at the Royal Park Hotel on the beautiful campus of Olashore International School, Iloko-Ijesa.

In a press statement on Friday, Dr Adewale Alonge, Vice President, IGAD, said that after six months of intensive and globally benchmarked courses of study, “the hub is proud to graduate 48 trainees who have completed rigorous programs leading to certification in Artificial Intelligence & Machine Learning, Cybersecurity, and UI/UX Design. The graduating class includes 10 trainees in UI/UX Design, 23 in Cybersecurity, and 15 in Artificial Intelligence & Machine Learning”.

The ceremony will feature a keynote address by Sir Aladekomo, Chairman of SmartCity Resorts Plc and Founder of Chams Plc, a pioneer in the Nigerian tech industry.

“The event will be chaired by Asiwaju Yinka Fasuyi, the esteemed Asiwaju of Ijeshaland, who will also deliver remarks celebrating the achievements of the graduates and the impact of the Innovation Hub.

“The media is invited to cover this significant event, which marks a new chapter for the 48 graduates as they embark on their professional journeys equipped with cutting-edge skills and knowledge. This graduation is a testament to the hub’s commitment to providing skills development training today so that participants can build tomorrow”, Dr. Alonge said.

The Ijesha Digital Innovation Hub, an initiative of the Ijesha Global Alliance for Development (IGAD), is dedicated to advancing the social, economic, and industrial development of Ijesaland in Nigeria. IGAD, a Florida, US-registered tax-exempt non-profit organization, mobilizes the resources and talents of Ijesas across the globe to foster the development of their homeland.

About Ijesha Digital Innovation Hub

The Ijesha Digital Innovation Hub is committed to equipping individuals with the skills necessary to thrive in the digital age. Our mission is encapsulated in our motto: “We provide skills development training today, so that you can build tomorrow.” #WeGuideTodaySoThatYouCanBuildTomorrow

About Ijesha Global Alliance for Development (IGAD)

IGAD’s mission is to mobilize the resources and talents of Ijesas across the globe to promote the social, economic, and industrial development of Ijesaland. IGAD is a registered tax-exempt, non-profit organization based in Florida, USA. IGAD’s Board of Directors, is chaired by Prince Bimbo Olashore, and it includes: Dr. Adewale Alonge, Pastor Laitan Obileye, Dr. Babatunde Ojo, Alhaji Lateef A. Bakare, Sir Ademola Aladekomo and Professor Olowookere.

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Increasing Security with VerifyNG: Revolutionizing facial recognition in Nigeria

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L-r: Chukwu Didi Hart and Morakinyo Omotosho, Quantum Space Dynamics

Quantum Space Dynamics Inc. , a leader in AI and biometric, Machine Learning, and Big Data solutions, is making significant strides in enhancing security and user experiences in Nigeria.

Their pioneering product, VerifyNG, is a cutting-edge Facial Recognition Verification App designed to meet the rigorous demands of government agencies, financial institutions, healthcare providers, and businesses requiring robust enterprise solutions.

Leveraging Technology for Enhanced Security

VerifyNG utilizes advanced biometric technology to provide unparalleled security and streamline identity verification processes.

This innovative app offers an intuitive interface and streamlined verification process ensure a smooth and efficient user experience, minimizing onboarding times and enhancing customer satisfaction.

It ensures that only authorized individuals gain access, significantly reducing the risk of fraud and unauthorized access.

Key Features of VerifyNG:

  • Advanced Facial Recognition: High accuracy and speed in verifying user identities.
  • Seamless Integration: Easy integration with existing systems and applications.
  • User-Friendly Interface: An intuitive design that ensures a smooth user experience.
  • Multi-Platform Support: Available on both mobile and web platforms for widespread accessibility.
  • Secure Data Handling: Adherence to the highest standards of data protection and privacy.
  • ID Profile Customizations: Allows users to build an Online ID Profile usable by various organizations.

Unique Selling Points:

  • High Accuracy: Utilizes cutting-edge machine learning algorithms to ensure precision in user verification.
  • Fast Processing: Provides a quick verification process, minimizing wait times for users.
  • Comprehensive Security: Features multi-layered security to protect user data and prevent unauthorized access.
  • Customizable Solutions: Offers flexible integration options to meet the specific needs of various industries.

The core objectives of VerifyNG include increase Security: By employing facial recognition, VerifyNG aims to eliminate unauthorized access and reduce instances of fraud; enhance user experience: the app offers a seamless and swift verification process, making it user-friendly and efficient; expand market reach: VerifyNG targets sectors such as banking, healthcare, and government services that require high levels of security; and lastly, promote technological innovation: the app positions itself as a leader in biometric verification technology, setting new standards in the industry.

The designers of the solutions are targeting businesses including companies needing secure and efficient user verification processes; financial institution including banks and financial services requiring robust authentication methods; healthcare providers including medical facilities needing secure patient verification; government agencies including all public sector entities requiring secure access control and identity verification; and tech-savvy users including individuals interested in using the latest technology for security and convenience.

Quantum Space Dynamics Inc.: Core Services and Commitment

Quantum Space Dynamics Inc. specializes in biometric verification, machine learning, predictive analysis, and data security & governance.

With extensive experience servicing government and private entities in the US, the company is exploring opportunities to enhance security and service delivery across Nigerian organizations.

Commitment to Innovation and Collaboration

VerifyNG‘s commitment to innovation and its proven track record position the app as a leading player in the biometric verification market. “VerifyNG fosters a collaborative ecosystem, partnering with industry leaders and innovators to drive the development of cutting-edge biometric solutions,” said Chukwu Didi Hart, the company’s Chief IT Architect.

Addressing Security Challenges in Nigeria

VerifyNG seeks to address the numerous existing and emerging security challenges in Nigeria’s fast-growing digital economy.

“VerifyNG’s intuitive interface and streamlined verification process ensure a smooth and efficient user experience, minimizing onboarding times and enhancing customer satisfaction,” says Morakinyo Omotosho, Chief Marketing Officer at Quantum Space Dynamics Inc.

As VerifyNG continues to expand its reach and refine its technology, it sets new standards for security and user experience in Nigeria, paving the way for a more secure and digitally literate future.

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Joe Levy Appointed CEO of Sophos

…Jim Dildine Named as Sophos’ New CFO

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Joe Levy, chief executive officer (CEO) of Sophos

Sophos, a global leader of innovative security solutions for defeating cyberattacks, has announced that Joe Levy is now chief executive officer (CEO) of the company.

Levy has been acting CEO since Feb. 15. To drive a critical role in the execution of his strategy to shape the future of Sophos, Levy has named Jim Dildine Sophos’ new chief financial officer (CFO) and a member of his senior management team.

Levy is a nearly 30-year veteran of innovating and leading cybersecurity product development, services and companies.

During his nine-year tenure at Sophos, Levy drove the transformation of Sophos from a product-only vendor into the global cybersecurity giant it is today, including an incident response team and managed detection and response (MDR) service that defends more than 21,000 organizations worldwide.

Levy also created SophosAI and Sophos X-Ops, an operational threat intelligence unit that joins together more than 500 cross-departmental cybersecurity operators and threat intelligence experts.  Sophos X-Ops shares real-time and historical attack data with all of Sophos’ solutions, making them smarter and faster at defending customers from persistent cyberattacks.

Levy has in-depth experience working with the channel, including managed security providers (MSPs), throughout his career, which he started in the mid-1990s as a cybersecurity practitioner and product and service innovator at a value-added reseller.

As CEO, Levy plans to expand Sophos’ already strong customer base in the midmarket, which includes nearly 600,000 customers worldwide and generates more than $1.2 billion in annual revenue.

As a leading provider of cybersecurity solutions for the midmarket, Sophos has a unique ability to further scale its business and the business of its partners by helping organizations in dire need of basic and expanded defenses against opportunistic and targeted cyberattacks.

These organizations include the critical substrate, small- to mid-sized organizations that comprise the machines of the world’s economy and are just as susceptible to cyberattacks as major corporations.

In fact, the critical substrate, including smaller organizations within the classic 16 critical infrastructure verticals, are prime attacker targets, as evidenced by Sophos’ Active Adversary report and 2024 Threat Report. Both intelligence reports reveal how attackers are repeatedly abusing exposed Remote Desktop Protocol (RDP) access at midmarket organizations, as well as going after them for data theft, spying, ransomware payoffs, or supply chain attacks to gain entry to bigger prey.  

“When midmarket organizations – the global critical substrate – are paralyzed due to ransomware or other cyberattacks, business activities linked in our supply chains also stagnate, slowing our economy down. Operations of all sizes and shapes suffer collateral damage when dependencies in their supply chains are attacked. This can be devastating in often unpredictable ways because of the increasing complexity of how the modern industrialized global economy works,” said Levy. “Our goal is to help more organizations in the midmarket – the estimated 99% of organizations that are below the cybersecurity poverty line – be better at detecting and disrupting inevitable cyberattacks. Our envisioned approach to achieving this is to work with MSPs and channel partners that can scale alongside us with our innovative critical cross domain technologies – endpoint, network, email, and cloud security – and managed services that they can resell and co-deliver. Cyberattacks against the midmarket could severely impact the world’s ability to function; they are relatively under-protected compared to the 1%, and Sophos is on a mission to change that.”

Levy’s leadership strategy includes adding Dildine as CFO to help Sophos reach its business goals and propel the company on its future growth trajectory. He brings exceptional operational expertise to Sophos, as well as a strong background in channel partner-based cybersecurity business.

Jim Dildine, CFO, Sophos
Jim Dildine, CFO, Sophos

Dildine joins Sophos most recently from cybersecurity software and services company, Imperva, where he was CFO for more than four years. Before Imperva, Dildine was CFO for Symantec’s $2.5 billion enterprise security business unit for three years. Dildine also previously held key financial leadership roles for nearly nine years at Blue Coat Systems, where Levy also served as chief technology officer.

While at Blue Coat Systems, he oversaw a dramatic growth in market value while guiding the company to a go-private transaction by Thoma Bravo, sale from Thoma Bravo to Bain Capital, and subsequent sale to Symantec for $4.6 billion in 2016. Dildine also spearheaded the acquisition and seamless integration of six security-focused companies, which were valued at more than $750 million during his tenure.

“Having worked in technology and finance for more than 30 years, it is exciting to join Sophos at this juncture, when the company is well on its way to breaking through to the next level. Everything the company has accomplished thus far is impressive, including how dedicated Sophos is to constantly be innovating its cybersecurity technology and managed security services for customers in the midmarket. Sophos is also equally committed to supporting its channel partners, MSPs, and staff around the world,” said Dildine. “I am looking forward to helping Joe accelerate growth and further position Sophos as a leader in the industry.”

“Thoma Bravo has worked with Joe through successful investments in SonicWall and Blue Coat Systems, and our relationship and experience together, coupled with his authentic style of leadership and impeccable reputation across the cybersecurity industry, make him the ideal CEO to lead this next chapter at Sophos,” said Chip Virnig, a partner at Thoma Bravo and a Sophos board member. “We’re also excited that Jim is joining Sophos as CFO and is a member of Joe’s senior management team. We’ve worked with Joe and Jim at various companies for well over a decade, and we’re confident their combined expertise will reap big rewards for the future of Sophos.”

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