Security and Fraud in the age of Payment Apps - How Much Safer is it now?

Payment card security and fraud is a very interesting topic because there will always be conceptions between the believers and non-believers.

A payment card is either a debit or credit card and both cards can also be referred to as ATM cards as they allow us make cashless payments over the Internet both within and outside our countries

payment apps in nigeria


The believers can be classifieds as millennials and those that have chosen to believe in the online world making the bold step of getting either a debit or credit card from their bank, activating that card for online transactions and successfully completing an online based transaction using their payment card.

Not all millennials are believers because it all comes down to a few questions- Do you trust the platform? Are you willing to test it out and stick to it? Have you had any security issues in the past and decided never to make online purchases?


Non-believers-some of them are our parents and even grandparents. We try to make them see the benefits of cashless payment, online payments, payment cards, payment apps and mobile payments but surely, some are adamant and never yield while the rest may agree with you but never use the platform.

Let’s focus on the non-believers for now.

Why don’t they want to use payment cards, mobile payments, online payments and all those other good stuff? Perhaps, it’s their background or they are simply afraid of the entire process.
They are mostly afraid of losing their money perhaps, to a shady online transaction or an entire bank account hack through your debit or credit card.

How can you get hacked?

  1. Misplacing your card.
  2. By clicking on a suspicious link on the Internet that pops up out of nowhere.
  3. By installing shady software that you don’t know the manufacturer.
  4. Sharing your card details over the phone, email or even on social media.
  5. By using an unknown payment gateway.
  6. By using your card on fake websites without the proper SSL security card protection.

Which brings us to Security – Payment Card Security

Most of the ways you get hacked or your card get hacked is if you are careless yourself. If you stay relatively conscious of your card and how important it is, you won’t have any bad experiences.

Payment cards are your regular ATM cards used to make payment using payment apps - these payment apps fall under mobile payments.

Payment cards are linked to payment apps, which are installed on your smartphone and allows you to have a digital wallet containing multiple cards to be used for online payments.

Additionally, mobile payments are safer because it's more difficult for hackers to get access to your credit card details in a data breach. That's because your actual financial information isn't transferred during the transaction. Instead, a coded version of your credit card details is used to authorize payment.

Payment Apps

Payment apps are used for paying for goods or services from your smartphone and this brings us to mobile payments.

Mobile payment is big and it’s more like a system where you can do a lot of things using your smartphone.

Mobile payments are a variety of payments done using a smartphone and these payments can be classified into the following;
  • Everyday transactions like buying recharge cards to make calls, subscribing to your favourite Internet data plan and so on.
  • Sending money to family, friends or maybe even co-workers.
  • Bill payments like electricity, water bills.
  • Making payments on online stores as well as physical stores.
  • Point of Sale (POS) payments in local stores, restaurants, bars etc.

So, mobile payments make all these possible for anyone to do as long you have an ATM card.

Now, Why do you need Payment Apps?

Payment apps bring all the payment systems into one platform, which is an app, and with this app installed on your smartphone, you can make mobile payments easily and securely.

Payment Apps in Nigeria

The most popular payment apps in Nigeria are owned by banks-while there are other owned by private companies, they are not as widely used as bank-owned payment applications.

TechAdvance is a payment application development company with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organisations in Nigeria.

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