How to protect yourself from financial fraud?

PayGate LLP would like to inform you about the increasing incidence of fraud. We ask you not to pass your data and codes to third parties.

In recent years, fraud in the fintech services sector has become one of the most pressing threats to users of electronic payments. Every day, new fraud schemes appear that can affect both individuals and businesses. It is important to remember that fraudsters are always looking for vulnerabilities to take advantage of users' gullibility and gain access to their money.

Types of fraud

1. Phishing — is a method in which fraudsters try to trick you into revealing your personal data (logins, passwords, card details, etc.) by sending fake messages via email, SMS, or messengers. Often, such messages look like notifications from a bank or payment system, supposedly requiring urgent confirmation or change of data.

2. Skimming — is the illegal copying of data from payment cards using special devices (skimmers) that are installed on ATMs or terminals. Once you insert the card, fraudsters can steal all the information, including the PIN code.

3. Refund fraud — is when buyers ask for a refund for a product or service that was not received or was received in improper condition. Such cases can lead to unjustified losses.

4. Online trading — is when buyers or sellers try to deceive each other in online payments, requesting transactions outside of secure platforms or offering conditions that are “too good to be true.”

How to protect yourself from scammers?

1. Be wary of suspicious messages. Never enter personal information in response to emails, SMS, or messenger messages, even if they seem official. Always check the sender and be sure that you are accessing the website through official channels.

2. Use two-factor authentication. This is an extra layer of protection for your accounts. It requires you to confirm your identity using a second method in addition to your password (for example, via SMS or an app).

3. Check the devices you use to make payments. If you're using an ATM or terminal, make sure the device is free of suspicious attachments, such as extra padding that can hide skimmers.

4. Be careful when making online purchases. Before buying, check the seller's reputation, read reviews, and make sure the website uses a secure connection (for example, with HTTPS).

5. Check your bank statements. Regularly check your bank statements and transactions. If you notice anything suspicious, contact your bank immediately.

6. Do not share personal data. Never give your data to third parties, even if they claim to work on behalf of the bank or payment organization.

7. Do not send the code received in an SMS message. Never give the code received in a message to third parties, this may result in funds being written off from your balance.

What to do if you become a victim of fraud?

1. Notify your payment service provider immediately. They can help investigate the incident and take the necessary measures.

2. File a police report. If your money has been stolen, do not delay filing a report with law enforcement.

3. Change passwords and check your accounts. After the incident, immediately change the passwords on all your accounts and check activity on other platforms.

While the company is always working to protect its customers, it is important to remember that your safety depends not only on technology but also on your awareness.

Be cautious and aware to reduce the risk of becoming a victim of fraud.