As digital financial transactions increase, so do the risks. With increasing reports of fraud and cybercrimes in the financial sector, consumers are demanding stronger security measures from their service providers. In response, OPay has introduced Large Transaction Shield, a new feature that combines biometric authentication and transaction authorization to provide users with an additional layer of security.
Large Transaction Shield from Opay allows users to set their single transaction transfer limit with a minimum limit of ₦100,000 and a maximum limit of ₦300,000. Once the limit set by the user is reached, the app will automatically request additional biometric authentication, specifically facial recognition, before completing the transaction. This ensures that only the account owner can authorize large transactions, reducing the chances of fraudulent transfers.
If facial recognition fails, the app will trigger a one-time password (OTP) request for further authentication. This multi-layered security process ensures that even if a fraudster gains access to an account, the multiple layers of verification make it significantly more difficult for them to complete a large transaction without the account owner’s consent.
However, please note that this feature only applies to transfers made within the OPay app, and not to debit card transactions or transfers made on other platforms.
“Large Transaction Shield is a testament to our commitment to providing a secure and reliable platform for our customers. “By requiring facial authentication for larger transactions, we provide an additional layer of defense against potential fraud and ensure that all payments are authorized by the legitimate account holder,” explains Dauda Gotring, CEO of OPay.
How Large Transaction Shield works
Enabling Large Transaction Shield is very simple. Users need to log into the OPay app and navigate to the “Transfer Protection” section on the home screen. From there, they’ll see two options: NightGuard and Large Transaction Shield.
Clicking the “Enable” button under the “Large Transaction Shield” option will take users to a screen where they can set their desired transaction limits. These include single transaction limits, daily limits, and monthly limits.
Why Does Financial Security Matter
Digital financial services in Nigeria have grown exponentially in recent years, driven by the popularity of mobile banking and digital wallets.
But with this growth comes an increased risk of fraud. According to the Financial Institutions Training Centre (FITC), financial fraud in Nigeria soared in 2024. In the second quarter alone, fraudsters lost £42.6 billion (compared to £486.49 million in the first quarter). As digital payment systems become more integrated into everyday life, financial institutions must constantly innovate to protect their users. OPay’s Large Transaction Shield offers a key solution by putting control directly in the hands of consumers.
