Nearpays Deploys AI “Smart Firewalls” To Tackle PoS Fraud, Terminal Tampering - NTN 959

In a fresh development, as payment use grows, fraud and device tampering remain a threat to merchants who rely on card transactions. The report added that cases of terminal hijacking, card skimming, and device switching continue to affect revenue and trust. Meanwhile, nearpays says it is addressing this risk by adding AI-driven “Smart Firewalls” to its Soft POS system, a move the firm claims can limit common fraud patterns faced by businesses. According to details available, traditional hardware POS devices can be replaced or altered by criminals or by staff acting with intent. The report added that when this happens, payments may be redirected to outside accounts without the knowledge of the business owner. Meanwhile, nearpays shifts the payment process from a hardware terminal to software on a smartphone, which the firm says removes the risk linked to a physical swap of devices. According to details available, the company explains that the core of the system is an AI layer that observes patterns in every transaction. The report added that the layer reviews behaviour over time and reacts when it detects activity that does not match records. Meanwhile, if a merchant known for low-value sales starts to process a series of high-value payments from a new location, the “Smart Firewalls” can request instant verification or place a hold on the account. According to details available, nearpays also uses device fingerprinting to bind the Soft POS to the identity of a merchant’s phone. The report added that the firm says this step prevents cloning or movement of the terminal to another device without biometric checks. Meanwhile, this measure aims to end the “terminal switching” scam that has affected many small retailers. According to details available, the system relies on encryption and tokenisation at the point of contact. The report added that card data is converted into tokens within the phone’s Secure Enclave, which the firm says keeps sensitive data away from both the device memory and the merchant. Meanwhile, this process is designed to reduce the chance of data exposure during or after a transaction. According to details available, for multi-site businesses, Nearpays offers a security dashboard that shows where and when each payment tap takes place. The report added that owners can monitor route changes by delivery staff or spot attempts to process payments outside set hours. Meanwhile, when such events occur, the AI flags the activity so that managers can respond before losses occur. According to details available, “Security shouldn’t be a reactive measure; it must be predictive,” said Victor Daniyan, chief executive of Nearpays. The report added that he noted that some SMEs have lost weekly revenue after POS tampering. Meanwhile, he added that the AI Soft POS removes “human error” and “physical risk” from the payment flow and turns a phone into what he described as a vault. According to details available, in many markets, fear of fraud still slows cashless adoption. The report added that by deploying an AI system that learns from new fraud methods, Nearpays says it aims to build the “Trust Infrastructure” needed for more users to join the digital economy. Meanwhile, merchants, the firm says, can then process payments with confidence that revenue is protected by controls similar to those used by banks and other financial institutions. According to details available, • Elerinmo Felicitates Ooni Of Ife’s Decade On The Throne • Lagos Assembly Of Labour Veterans, Trade Unionists Call For Abure, Ajaero’s Resignation • Kogi Poll: INEC Appeals SDP Inclusion • Niger Delta Students Association commends Buhari for paying overseas scholarships fees • OPEC, Non-OPEC Countries Agree To 1m Bpd Boost In Oil • UAE Emirate Considers Opening Its Doors To Casinos & Gamblinghttps://independent.ng/tag/ai-smart-firewalls/" class="text-primary-orange hover:text-primary-orange/80 font-medium underline decoration-2 underline-offset-2" target="_blank" rel="noopener noreferrer">AI "Smart Firewalls"https://independent.ng/tag/artificial-intelligence/" class="text-primary-orange hover:text-primary-orange/80 font-medium underline decoration-2 underline-offset-2" target="_blank" rel="noopener noreferrer">Artificial Intelligencehttps://independent.ng/tag/pos-fraud/" class="text-primary-orange hover:text-primary-orange/80 font-medium underline decoration-2 underline-offset-2" target="_blank" rel="noopener noreferrer">PoS Fraudhttps://independent.ng/tag/terminal-tampering/" class="text-primary-orange hover:text-primary-orange/80 font-medium underline decoration-2 underline-offset-2" target="_blank" rel="noopener noreferrer">Terminal Tamperinghttps://independent.ng/tag/victor-daniyan/" class="text-primary-orange hover:text-primary-orange/80 font-medium underline decoration-2 underline-offset-2" target="_blank" rel="noopener noreferrer">Victor Daniyan