In the wake of security lapses among financial institutions in Nigeria, PiggyVest, a start-up in the country, unrolls two-factor authentication 2FA measures for customers.
The move was to ensure that customers of the fintech feel that their funds are secure. It announced the development via a Tweet on 11th September 2020. It Tweeted:
At PiggyVest, security is our number one priority and in addition to our robust algorithm that flags accounts for suspicious activities, we have made your PiggyVest account even more secure with 2FA! How?
Thread ⬇️ pic.twitter.com/81yjWxSX2c
— PiggyVest (@PiggyBankNG) September 11, 2020
The company revealed that it had used a ‘rigorous KYC/identity process’ before it rolled out this new 2FA security protocol. It adds that the 2FA is an ‘extra layer of security’.
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Some of the safety measures that PiggyVest ensures are as follows:
— Users can’t use the same debit cards on 2 different PiggyVest accounts — this means we are able to account for one user per time and no one person’s debit card is used elsewhere without their notice.
— Users can’t add the same BVN to 2 different PiggyVest accounts — this borders on identification theft and we ensure this never happens.
— You can only withdraw to an account whose BVN and full account name matches the one registered on your Piggyvest account. For instance, if your name is John Dayo and you tried to add a bank whose name is Halima Chinenye, the account is instantly flagged and all withdrawal access restricted.
Now that it has added the 2FA security to these protocols, PiggyVest says that it only works for withdrawals, transfers and key account changes. Also, all accounts on the platform are enabled with 2FA, thus; to carryout activities, you will need to enter an OTP or answer a security question.
Additionally, PiggyVest offers a Face ID feature that prevents the use of password. It also hides balance from user’s dashboard and allows auto logout after 5 minutes of inactivity on the app.
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