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PalmPay Nigeria Managing Director, Chika Nwosu, has urged Nigerians to exercise caution when using digital payment platforms as fraudsters increasingly rely on fake websites, impersonation and deceptive messages to defraud consumers.
Nwosu said the convenience of digital payments must be accompanied by greater awareness of potential security risks.
“Digital payments are revolutionising how we handle money which is a good thing. But this convenience must be matched with caution,” he said.
His warning comes amid reports of Nigerians losing money after falling victim to fraudulent links and other forms of digital scams.
One Nigerian user recently reported on X that she lost almost N400,000 after clicking a link related to an alleged FRSC traffic offence and entering her card details on a website she believed was official.
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Another user reported that money was withdrawn from his account after his mobile phone was stolen, highlighting the potential risks associated with financial accounts linked to lost or stolen devices.
According to data from the Nigeria Inter-Bank Settlement System, digital payment fraud losses fell by 51 per cent to N25.85 billion in 2025.
Despite the decline, phishing, SIM-swap fraud, account compromise and other forms of social engineering remain concerns as criminals continue to adopt new methods of targeting digital payment users.
Nwosu advised consumers to be cautious when responding to unsolicited messages, links or requests for sensitive financial information.
He said understanding the risks associated with digital payments could help consumers reduce their exposure to fraud.
