A comprehensive security update for OPay has been officially announced, encompassing significant enhancements across its major operations. This OPay security update aims to fortify and safeguard the integrity of OPay’s services, ensuring a robust and secure environment for users engaging in various transactions and activities.
Commencing March 1, 2024, OPay is set to implement a stringent security measure by actively identifying and removing fraudulent OPay accounts from its system. Additionally, customers whose accounts do not comply with the Know Your Customer (KYC) requirements will face account suspension.
This pivotal OPay security update was unveiled in a news conference held on Wednesday. KYC, a widely accepted standard in the banking sector, entails the thorough verification of customer identities and addresses. By adhering to KYC protocols, OPay aims to fortify its defenses against potential misuse of its banking services, thereby ensuring a more secure and trustworthy financial environment for its users.
OPay Security Measure to Enhance Registration Vulnerabilities
In a proactive move to bolster platform security and protect customer deposits from potential fraud, OPay has responded to identified vulnerabilities in its registration and verification process for new OPay accounts. Addressing these concerns, Olayemi Precilia, the Director of Cards Business at OPay, affirmed the significant enhancement of OPay security measures on the platform.
Notably, new customers are now required to furnish their National Identity Number (NIN) during the OPay account opening process. As the deadline approaches, OPay customers are urged to promptly update their account details to meet Know Your Customer (KYC) requirements and avert any potential inconvenience.
Olayemi Precilia said,
“When you log into your app and you have a tier one OPay account and you don’t have your NIN, it will ask for your NIN. You cannot move forward without inputting that NIN. So, that is one of the things we’ve already done.
“The second thing is, for new customers, you’re going to start with the NIN. That’s what we’re implementing. So, we’re pulling information from your NIN into your wallet. That is going live next month.
“And we have a timeline — March 1st — wherein anyone who is not compliant will be locked out.”
Opay Security Updates to Cracks Down on Fraudulent Accounts
Opay’s Director of Partnerships, Ikponmwosa Kolawole Odiase, announced a crackdown on fraudulent accounts within the company’s system. Moving forward, customers must link their OPay accounts with National Identity Numbers (NIN) and Bank Verification Numbers (BVNs), according to Odiase.
Addressing concerns about facial verification, he mentioned plans to implement a backend system for verifying customers’ faces using BVNs and NINs.
Kolawole Odiase said,
“It’s a collaboration between all relevant stakeholders — the regulators, the KYC agencies. All this is a way to curb fraud.
“The fraudsters are not sleeping and we also are waking up to the challenge. It’s an industry challenge, unfortunately. “So many fictitious accounts will go.”
How to Unblock Your OPay Account
If your OPay account gets blocked during the OPay security update, you can follow these steps to retrieve your OTP (one-time password) in case you’ve forgotten your Opay account registration number but still have access to the email associated with your Opay account:
- Reach out to OPay support: Utilize the official channels to contact OPay customer service, whether through their website, mobile application, or any other available mode of communication. Explain your situation and provide the necessary information, including your registered email address and any additional details they may require to verify your identity.
- Verify your identity: OPay’s customer service is likely to conduct an identity verification process before assisting you. They may request additional information, such as your full name and date of birth.
In Conclusion
The OPay security update brings about a crucial focus on enhancing the overall safety and integrity of its platform. The implementation of OPay account blocking criteria underscores OPay’s commitment to protecting its users from potential risks associated with fraudulent activities.
By requiring customers to meet specific criteria, including the linkage of OPay accounts with National Identity Numbers (NIN) and Bank Verification Numbers (BVNs), OPay is not only fortifying its security measures but also aligning with industry standards.
This proactive approach serves as a testament to OPay’s dedication to creating a secure financial environment for its users, ensuring trust and reliability in their transactions. As users navigate these OPay security updates, they contribute to a collective effort to maintain a robust and resilient financial ecosystem with OPay.
FAQs
How Secure is My Money with OPay?
OPay’s diligent efforts have resulted in the attainment of a PCI-DSS Compliance Level 1 Certification, serving as the definitive confirmation that their product is constructed and upheld in strict accordance with the highest OPay security standards. This certification stands as a testament to OPay’s unwavering commitment to maintaining a secure and trustworthy platform for its users.
Can Someone Have Access to My OPay Account?
Opay, like any other digital bank, is susceptible to hacking incidents. However, it’s important to note that a significant portion of these breaches originate from the customers’ end. Many users unknowingly engage in activities that compromise the security of their OPay accounts, leading to the exposure of private data to potential scammers.
Users must adopt responsible and secure practices to mitigate the risk of unauthorized access and protect their sensitive information from falling into the wrong hands.
What Do I Need to Upgrade My OPay Account to Tier 3?
Please choose a government-issued ID (such as NIN, Driver’s License, International Passport, or Voter’s Card) and upload a clear copy of your selected ID. Additionally, please upload a recent utility bill that corresponds with the provided address.
Can Someone Abroad Send Money to My OPay Account?
OPay, a prominent Nigerian financial technology company, has disclosed a strategic partnership with the leading global digital payments platform, WorldRemit. This collaboration aims to facilitate international money transfers seamlessly, providing users the convenience of directly receiving funds into their OPay mobile wallets in Nigeria.
Can I Open an OPay Account Without the App?
To initiate the process of opening an OPay bank account, you have an additional option: utilizing the *955# magic code. Simply search for “OPay” on the Google Play Store or iOS store, then download the app by dialing *955# and follow the prompts to set up your wallet, providing your name and phone number. Alternatively, you can click “Sign Up” on the same page to open an OPay wallet.
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