Payments company Visa has outlined its plans for integrating AI agents, enhanced tokens, and blockchain technology into the future of commerce, indicating a significant transformation in the shopping experience.

Bankers in Nigeria have expressed concerns that traditional audit and governance frameworks are becoming insufficient due to the rapid advancements in artificial intelligence, which is transforming banking operations, risk management, and fraud detection. This warning was made during the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

According to a Visa report, AI-powered scams have emerged as the largest threat in payment fraud, as enhanced network-level security measures have diminished chances for direct system breaches. This shift has led criminals to increasingly exploit human trust to carry out their fraudulent activities.

Equity Bank has launched a new feature called Secure Float Purchase, aimed at enhancing transaction controls for customers buying float through approved agents. This feature introduces a verification framework that requires customers to pre-authorize trusted agents before transactions can occur. The initiative is a response to increasing risks of mobile money fraud, according to TechTrends KE.

Digital banking platform PalmPay has launched a new security campaign aimed at strengthening customer confidence, with a focus on fraud awareness and account protection, according to Punch. The initiative comes amid growing concerns about fraud in digital banking and is intended to reassure users about the safety of their accounts. The report provides no specific figures on fraud incidents or details of the campaign's measures.

Discovery chief executive Adrian Gore has set an October date for the launch of what the company calls its 'super bank', according to TechCentral. The announcement comes as Discovery Bank reported its first full-year profit of R370-million, with the financial services group also increasing its investment in artificial intelligence as part of its broader digital banking strategy.