Experts Call for Stricter Data Privacy Measures in Payments Ecosystem, Task Operators on Consumer Education

Experts in the payment industry have called for stricter data privacy measures in the payment ecosystem in today’s era of Artificial Intelligence (AI), while stressing the need for consumer education on data privacy and online payments.

They made the call at the maiden edition of Payments Forum Nigeria (PAFON 1.0), held in Lagos.

The Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), Mr. Festus Amede, identified Data Minimisation Principles, User Consent and Control, as well as Compliance with Data Privacy Regulations as important elements in protecting privacy in payments.

Amede who was represented by an executive member of CCISONFI,

Mr. Olusola Odediran, who is the Chief Information Security Officer, Nigeria Inter-Bank Settlement System (NIBSS), spoke during his keynote presentation at the forum.

His presentation titled: “Payments: Trust, Security and Privacy in the AI Era,” explored the critical aspects of trust, security, and privacy in payments, and provided insights into the challenges, solutions, and future trends in safeguarding transactions in the digital landscape.

The CCISONFI chairman stated that although the payment industry enjoyed such regulatory oversights arising from the Nigerian Data Protection Act (NDPA) and Data protection laws, the Payment Card Industry Data Security Standard (PCI DSS), and the compliance requirements for businesses, the industry has balanced security and convenience, while relying on user experience in payment security, seamless authentication methods, and biometric and tokenised payments.

On how emerging technologies will impact the payment industry, he disclosed that while Blockchain would be deployed to ensure secure transactions, Artificial Intelligence and Machine Learning (ML) would be used in fraud prevention even as privacy-preserving computing impact cannot be underestimated.

Amede called on players in the payment industry to continue to educate consumers by providing them with tips on how to secure online payments, how to recognise phishing attempts, and the importance of keeping software updated.