1. Uncategorized

HOW TO AVOID BECOMING A VICTIM OF FINANCIAL FRAUD

Introduction

Perhaps more important than the idea of making money, is the idea that the money in question is safe at all times. Nobody will put money in a system that refuses to provide any measures to keep their finances secure. To this day, there are people from older generations who hide their money at home because, for some reason, they do not trust banks. But this just goes to show the lengths to which people love to keep watchful eyes over their hard-earned cash.

For a financial services or payment solutions provider to stand out from the competition, it must reassure its customer base of the safety and security of its platforms. It is not enough that transactions are conducted speedily and conveniently; users need to know that their finances are water-tight secure, or that at the very least, the risk of leakages or fraud is significantly low.

Fraud As The Bane Of Financial Transactions In Nigeria

Nigeria has made significant progress in the journey to becoming a cashless society, and a lot of people now conduct financial transactions from their smartphones rather than put money in large bags. Sadly, however, this has not come without its drawbacks. Online fraud is on the increase, with hackers and fraudsters coming up with new techniques every day to fleece people of their earnings.

On social media, it’s commonplace to see a Nigerian narrate how their savings got wiped out as a result of one fraudulent transaction, either because a hacker gained access to their account details, or because their smartphone was stolen and their passwords unlocked. Whatever the case,it is always sad to hear that individuals or businesses have been fraudulently dispossessed of their hard-earned financials.

How To Avoid Falling Victim To Financial Fraud

Anyone can become a victim of fraud, but if the right precautions are taken, the chances of that happening are slim to none. Here are a few ways to minimize the risk of exposure to fraud:

1.   Scrutinise email links before clicking: Another technique scammers might use to get your account information is phishing. It’s a very popular and effective way to hack someone by using carefully crafted emails. They will usually offer you discounts or offers that are too hard to resist. Before you click on any email link, be sure of who the sender is, where the link leads to, and the nature of the information required of you.

2.   Never use Public WiFi to make online purchases: Public Wi-Fi is the perfect place for scammers and hackers to do their work. These networks feature poor security and can be scanned by hackers looking for weak connections. Public computers are also highly insecure.

3.   Never divulge your banking details, or give any personal information to callers, whoever they claim to be. Banks and banking staff will never ask you for your password, pin or such other sensitive data over the phone or even by email.

4.   Never give your online banking login details to anyone, irrespective of who they claim to be. Banks will never ask you to move money to another account.

5.   If for any reason, your ATM card or smartphone goes missing or is stolen, head to the nearest branch of your bank and request that restrictions be placed on your account immediately. This is to eliminate the risk of having your account cleared out by anyone who may have gained access to confidential data.

How Paga Provides Security To Its Large Customer Base

Paga is easily Nigeria’s most trusted e-wallet. It acts as a mobile wallet where any user equipped with a mobile device can conduct financial transactions. It is easy to use, it is secure, and transactions are conducted speedily.

You can fund your Paga e-wallet in either of the following ways:

1.   Transfer from a bank account directly to your Paga account. To do this:

  • Log in to your internet banking
  • Select “transfer to other banks”
  • Insert your account number
  • Select “Paga” as the beneficiary bank
  • Input amount
  • Fill in the required field on the transfer page
  • Input your PIN and complete your transfer.

2.  You can visit mypaga.com and deposit money into your Paga account from your ATM card. To do this:

  • Click on “wallet” under My Paga
  • Click on “add cash”
  • Enter amount
  • Select card as a payment option, then click on the deposit tab that will appear below
  • Enter your card number, the expiry date of the card, and the CVV at the back of the card.
  • Input your PIN, click “deposit” and follow the instructions to fund your wallet

3.  Visit any Paga-accredited agent to fund your wallet.

Comments to: HOW TO AVOID BECOMING A VICTIM OF FINANCIAL FRAUD

Leave a Reply

%d bloggers like this: