Opay Adds New Security Feature to Deepen Depositors’ Funds Safety

• Opay, one of the leading financial technology companies in Nigeria, has reintroduced its security protection feature
• The company disclosed that the relaunch of the security question feature aims to add an extra layer of protection for millions of its users
• It disclosed that the Opay app may prompt users to answer pre-set questions using either multiple-choice or fill-in-the-blank type

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Opay has increased its users’ protection by relaunching its improved security protection question feature to keep users' accounts safe from unauthorised access and fraudulent activities.

A statement from the company said the improved security question is another protection layer to boost the verification process for sensitive actions such as password resetting, change of phone number, or confirming high-risk transactions.

Opay explains the reasons for adding the new feature

The company disclosed that the security question, which previously functioned offline to improve user experience, has now been relaunched with a smarter and more dynamic system.

It stated that the Opay app may prompt users to answer pre-set questions using either multiple-choice or fill-in-the-blank type, depending on the nature and risk level of a transaction.

According to the company, the feature makes it easier for genuine users to pass verification while keeping fraudsters at bay.

It said the new feature is intuitive, less cumbersome, and designed to adapt to real-time risk assessments.

The new feature wards off fraudsters

The payment company highlighted that over one million users have set up their personalised questions, adding that the relaunched system works with other intelligent security layers on the app.

“From abnormal transaction pop-up reminders and multi-channel alerts to interactive Q&A for suspicious payments, OPay actively prevents tens of thousands of risky transactions daily,” the company said.

The company’s statement said over 60,000 users get targeted risk notifications daily, while its AI-enabled call-back system helps to discourage about 8,000 fraudulent transactions.

Daily Trust reports that Opay harped on the importance of security, stating that it is a full suite of features working together to keep users safe, as the security question returns, allowing users to have more control over who can access and operate their accounts.

“And of course, all of this complements OPay’s advanced facial recognition technology—already in use by over 700,000 users daily—to provide airtight security across payments, identity verification, and KYC processes,” the statement read.

Opay commits to fighting illegal financial activities

Coming when traditional banks have migrated to core banking platforms to enhance protection, the new Opay feature will boost customers’ confidence.

The development comes as the leading financial services provider in Nigeria reassured its customers regarding the security of their funds.

In a statement on its X account on Tuesday, April 30, 2024, the bank said it’s committed to fighting illegal financial activities in the country.

Opay shares Security Update

Legit.ng earlier reported that OPay has added a new tool called Nightguard to further secure customers' funds.

The company disclosed this in a statement to the Punch on Monday, detailing its efforts to combat the surge in illegal financial activities and protect consumers' assets.

This development followed a FITC report, which revealed that financial institutions in Nigeria reported 11,472 fraud cases in the first quarter of 2024.

Source: Legit.ng