As online scams become increasingly elaborate, PalmPay launches Transaction Guard, a new security feature enabling users to set transfer limits and facial verification, aiming to minimise losses from fraud and account compromise.
PalmPay is urging users to rely on more than passwords and PINs as online fraud grows more elaborate. In guidance published on its own website and repeated in recent safety messages, the company says its Transaction Guard feature is designed to add a second layer of control by letting customers set transfer limits by transaction, week or month and, where needed, require facial verification before larger payments go through.
One of the main risks is the increasingly common scam in which fraudsters pose as support staff or trusted contacts to obtain one-time passwords and other sensitive details. Security guidance from PayPal on similar schemes underlines how often scammers use impersonation and pressure tactics to win access to accounts. PalmPay’s advice is that Transaction Guard can help contain the damage by limiting how much can be moved, even if a user has been tricked into sharing information.
The company also points to the danger of a lost or stolen phone. PalmPay’s terms say users should safeguard their security details and contact customer service quickly if they are compromised, while third-party safety guidance notes that account restrictions may be necessary when a device goes missing. PalmPay supporters of the feature say it can prevent high-value transfers from being completed until the owner has time to secure the account. Some guides also say users can block a PalmPay account through the USSD code *861#, though that may require later identity checks to restore access.
A further concern is full account compromise, whether through a leaked password or some other breach. PalmPay says in its legal terms that it may suspend accounts to stop unauthorised transactions and that it cannot promise complete protection against every intrusion. That is why the company presents Transaction Guard as a practical backstop: it does not remove fraud risk, but it can limit losses while a customer resets credentials, contacts support and checks for suspicious activity.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
