Is Your Payment Process Safe Enough?

I recently came across Payza, an online payment platform which allows registered users to transfer money internationally. This is very interesting especially for many freelancers working for international clients. It gives them an opportunity to receive their payments easily and quickly. However as with any online payment platform, it is very important to ensure that user accounts are kept secure and no loophole is left open for hackers and other cybercriminals to gain unauthorized access to data or payments.

How Safe Is Payza?

In order to answer this question we need to take a look at Payza’s security and fraud prevention mechanism. As cybercriminals are always finding new ways to hack into systems, it is important to keep data provided by members safe and secure.

Source: Payza

Payza Security

Payza’s security and fraud prevention is designed to avoid problems before they start. The most common cause of hacked accounts is a password that is too easy to guess. Payza requires users to login using a strong password. It is also a good practise to not use the same password for multiple accounts and to frequently change your passwords.

The next level of security comes in every time you do a transaction wherein you have to enter a security pin. This means you need to enter the pin in order to do any financial transfers. All transactions are encrypted using SSL.

Payza’s FraudMatrix

Payza has a proprietary Fraud Matrix that is used to detect any suspicious activity. It’s Fraud matrix learns and adapts to suspicious patterns that are typically used by cybercriminals. It immediately reports any suspicious activity so that action can be taken before a security incident occurs.

Src: Android Headlines
Src: Android Headlines

In case users suspect a fraud or online scam, Payza recommends its users to file a report as soon as possible. Especially if users receive a suspicious email claiming to be from Payza and asking for any personal details. This technique, known as Phishing is one of the most popular methods used by cybercriminals to gain access to unauthorized data. Users can contact Payza’s customer support in case their account has been locked or restricted, or if they notice a suspicious transaction or any other account activity not initiated by them.
Payza’s security and fraud prevention also uses a KYC policy wherein new members are checked for their identity and their banking and credit card information is validated. Websites using Payza Payment Checkout Buttons are screened via in-depth website reviews to make sure that merchants are in compliance with Payza’s procedures and standards.