Opay announces new changes to customer accounts and introduces new anti-fraud feature

• Payment processing company Opay has announced new changes to its customers’ accounts
• The company has introduced Large Transaction Shield to protect user funds from fraud and unauthorized access
• The company says the new feature uses new facial recognition technology to authenticate a user’s identity

Pascal Oparada from Legit.ng has been writing reports on technology, energy, stocks, investments and the economy for over ten years.

Opay, one of Nigeria’s leading fintech companies, has introduced an innovative feature, Large Transaction Shield, to give users greater control and security over their funds.

The company said the new feature uses facial recognition technology to authenticate and protect user accounts from unauthorized transactions.

The new feature allows customers to set limits

Opay said:

“A major Trading Shield feature, designed to give users unparalleled control and protection over their funds. The Large Trading Shield offers a comprehensive package of benefits, including increased security, personalization and convenience.

The company revealed that the Large Transaction Shield allows users to set personalized limits for single, daily and monthly transfers to ensure that any large or unusual transactions exceeding the set limits will require additional verification.

Opay added that users must confirm their identity through facial recognition when transactions exceed a set threshold.

Customers now have more control

Opay CEO Dauda Gortring is reported to have said that the company is committed to providing cutting-edge financial solutions, prioritizing user safety and convenience.

He revealed that the Large Trading Shield is proof of the company’s commitment to providing customers with a safe and reliable platform.

By asking for facial recognition for large transactions, Opay strengthens its protection against potential fraud and ensures each payment is authorized by the account owner, he said.

The bans herald changes to customers’ savings accounts

Legit.ng had earlier reported that the Central Bank of Nigeria has published updated savings deposit interest rates for various Depository Banks (DMBs).

According to CBN, banks are currently offering an average interest rate on savings deposits of 8.03% compared to the previous average rate of 7.88%.

The savings rate is the interest rate that Nigerian banks pay their customers to save money and varies from bank to bank.

Source: Legit.ng