As technology keeps getting better, more and more people are using digital payment systems. Palmpay is one of these platforms that has grown a lot in the past few years. Palmpay is a platform for smartphone payments that lets people buy things, pay bills, and send money to other Palmpay users.
Online scamming is becoming widespread. PalmPay, have always been committed to the safety of all users’ funds. Check below to know how pampay help keep your money safe. People often wonder if Palmpay is a safe way to store money. In this piece, we will look at Palmpay’s safety features and decide if it is a safe place to keep your money.
Security Features of Palmpay
Palmpay has a number of security tools that are meant to keep user information and transactions safe. Some of Palmpay’s most important safety measures are:
Two-factor authentication
Two-factor authentication (2FA) is used by Palmpay to make sure that only people who are allowed to can access their accounts. Users must enter a password and a one-time code sent to their registered cell number in order to log in. With this extra layer of protection, hackers will have a harder time getting into user accounts.
Data transfer that is encrypted
Palmpay uses SSL/TLS security to keep user information safe while it is being sent. This means that all contact between the user’s device and Palmpay’s servers is encrypted, making it hard for hackers to intercept and access user data.
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Signing in with biometrics
Palmpay also allows biometric authentication, such as fingerprint and facial recognition, in addition to two-factor authentication. This makes the site even safer because users can only get into their accounts with their unique biometric data.
Fraud detection and avoidance
Palmpay has a team of security experts who watch the app for anything that seems odd. If they find any fake transactions or strange behavior, they will protect user accounts by taking the right steps.
Standards set by the industry
Palmpay follows industry rules like the Payment Card Industry Data Security Standard (PCI DSS), which says how sensitive credit card information should be handled. This means that Palmpay has put in place security controls to keep user data safe and follow rules for the business.
Is it safe to keep money in Palmpay?
From what we have said about Palmpay’s security features, it seems like a safe place to keep your money. Palmpay has put in place multiple layers of security to protect user information and transactions. This makes it hard for hackers to get into user accounts.
Still, it is important to keep in mind that no site is completely safe. Palmpay has taken steps to protect user information and transfers, but hackers and fraud are always a possibility. To protect your account even more, you should get into the habit of using strong passwords and turning on two-factor authentication.
Also, you should be aware of any possible scams or fake attempts. Hackers may try to trick users into giving them their login credentials or other private information. Palmpay tells users to be careful when they get calls or texts they did not ask for and to report anything suspicious to their customer support team.
Account limits
PalmPay has three account levels. Account Tier 1 with merely a phone number provided has a transaction limit of N50,000 and balance limit of N300,000.
For higher limits, users need to upgrade their account tier by submitting KYC documents, such as ID, bank card, bank account, BVN, cell phone number, etc.
Note: Upon detection of fraud signs, a new PalmPay account will face a transaction limit of N5000 within the first 3 days.
PINs
Each PalmPay account is secured with a unique four-digit PIN for logins and transactions. Keep this code to yourself only.
We also keep upgrading our anti-fraud system with more user identity verification methods, including ID, face recognition, fingerprints, etc.
Transaction alerts
We send real time app alerts to you, when you send money to a stranger’s PalmPay account, or whenever you send over N50,000 out.
Also, we place a transaction limit for first-time transfers to a stranger’s PalmPay account.
Transaction interception
Once any suspicious transaction is detected, we will instantly intercept the transaction.
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Account freeze
If you find that you’ve been frauded, contact our customer service via our hotline 018886888 or app, email, or social media. We will step in and freeze the reported fraudulent accounts immediately.
Payments on hold
If your money has got into the fraudster’s PalmPay account, we will keep the money on hold upon system detection or report. This way, fraudsters cannot easily transfer your money out of the PalmPay platform.
Note: When you transfer from other banks to a potential fraudster’s PalmPay account, they won’t be able to reject the transaction if it’s a normal inter-bank transfer. However, they will take action to stop the fraud and help you locate the fraudulent account and get your money back.
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Here’s what Palmpay has achieved so far
In 2022, Palmpay recovered funds for 59 people, with a total amount of ₦ 7,430,094, by 31st August.
Your money safety is more than their duty. You should also watch out scamming signs around you. Follow palmpay on Twitter, Instagram, Facebook, Telegram, and subscribe to our Wallet Safe Workshop!
You are also welcome to report scams and fraud accounts to them via 018886888, Twitter, Facebook. They will freeze scamming accounts upon verification.
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