Palmpay Reacts On The Loss of Merchant’s N2.6 Million, Assures Customers Of Funds Safety

TRIXX NG reports that leading fintech company, Palmpay has confirmed the incident of N2.6 Million theft carried out by one of its staffers, Seja Matthew Oluwatimilehin on a Merchant’s account.

TRIXX NG had reported yesterday that the company’s staff perpetrated the act after getting direct access to the merchant’s account during an onboarding process and due to this access; he moved the funds bit by bit from January till March 2024.

In a statement sent to this publication, Palmpay acknowledged the incident while assuring other customers that their funds are secured. The company explained that the incident is an isolated case and won’t affect any other customer.

The company also disclosed that the staffer has been handed over to the appropriate law enforcement agency which will carry out necessary investigations.

Furthermore, Palmpay urged customers not to disclose their PINs, OTPs or any sensitive information to anyone.

‘’PalmPay is aware of the recent unfortunate incident regarding a merchant account. We want to assure our valued users and the public that this incident is an isolated case and our customers’ funds are safe. ‘’

‘’The appropriate law enforcement agency is already handling the case and we will work closely with them to support the investigation. ‘’

‘’ We also want to remind users not to disclose personal identification codes (PINs), one-time passwords (OTPs), or any related sensitive information to anyone and to regularly update their passwords. ‘’

‘’These pieces of information are crucial safeguards for your accounts, and anyone obtaining them could potentially harm your account.’’

 ‘’Our customer service and fraud team are available 24/7 to respond to questions or reports of suspicious  activities and can be reached via support@palmpay.com  or +234 2018886888’’