EXPERTS EMPHASIZE THE IMPORTANCE OF ADHERING TO DATA PRIVACY MEASURES IN THE PAYMENTS ECOSYSTEM WITH PAFON 1.0.
The chairman of the committee of chief information security officers of nigerian financial institutions (ccisonfi), mr. festus amede, has emphasized data minimization principles, user consent and control, as well as compliance with privacy regulations as crucial elements in protecting privacy in payments.
In his presentation titled ‘payments: trust, security and privacy in ai era,’ amede delved into the vital aspects of trust, security, and privacy in payments, offering insights into challenges, solutions, and future trends in safeguarding transactions in the digital landscape.
He pointed out that while the payment industry benefits from regulatory oversight such as the nigerian data protection act (ndpa) and data protection laws, the payment card industry data security standard (pci dss), and compliance requirements for businesses, it has struck a balance between security and convenience by relying on user experience in payment security, seamless authentication methods, and biometric and tokenized payments.
Amede urged stakeholders in the payment industry to continue educating consumers by providing tips on securing online payments, recognizing phishing attempts, and understanding the importance of keeping software updated.
Further emphasizing the need to build trust in payment systems, amede, also the chief information security officer (ciso) of zenith bank plc, stressed the significance of trust for consumer adoption, transparency in transactions, and commitment to securing the payment infrastructure.
he highlighted various threats and vulnerabilities to payment systems, including cyber attacks, data breaches, phishing, social engineering, malware, and ransomware.
Ikenna ndugbu, the chief compliance officer represented by isoken aigbomian, the regional sales manager of moniepoint, discussed the evolution of moniepoint into a leading payment processor, highlighting its focus on providing flexible payment options and innovative solutions to businesses across various sectors.
Oosevelt elias, the founder of payble, underscored the importance of data privacy and security in digital payments, advocating for cautious data use, ai encryption, and compliance with regulations to protect user privacy.
Peter evbota, sales director at inq. digital nigeria limited, spoke on the transformative power of artificial intelligence (ai) in sectors such as data analytics and security, emphasizing its ability to process structured and unstructured data to detect patterns and provide insights.
Chike onwuegbuchi, co-founder of techcastle foundation, discussed the challenges faced in the payments system, highlighting issues such as declined transactions, account debits, systemic fraud, misinformation, and lack of information leading to customer losses to fraudsters.
The 3i africa summit, themed ‘unleashing africa’s fintech and digital economic potential,’ is a global symposium aimed at envisioning the future of the african financial landscape and advancing the digital economy. it will convene over 2,000 investors, innovators, and policymakers from around the world at the accra international conference center from May 13th to 15th, 2024. the summit is co-convened by the bank of ghana and development bank ghana in collaboration with the monetary authority of singapore and its subsidiary elevandi, organizers of the singapore fintech festival.
Source: Techeconomy
