Fraud prevention guidance

How to protect your Payswix account

Online fraud has become an increasingly common occurrence these days. Hence, while Payswix considers your safety a top priority, it is also important to remember that how careful you are with your daily financial activities plays a big role in keeping your money safe.

DO:

 Double-check emails:

Always make sure that your received emails are from the real Payswix team. Scammers might use similar-looking addresses to trick you (for example, instead of “Payswix”, the email reads “Paysvix”).

 Be cautious:

Always look out for the requests for information that Payswix already has. We would never request details that could put your account at risk.

 Use strong passwords:

Create a tough-to-crack password that is at least 8-12 characters long and has a mix of letters, numbers, and symbols. Moreover, if you have given your login information to somebody or used the same password for several accounts, please change it.

 Sign out on public devices:

If you use your Payswix account on a public computer, remember to log out when you are done.

 Report suspicious activity:

If you use your Payswix account on a public computer, remember to log out when you are done.

DON'T:

 Click on unknown links:

Payswix only uses SMS service to verify your identity by sending you a One-Time Password. We will never ask you to verify your account by phone, email, or other means.

 Fall for urgent requests:

We will never ask you to rush payments, share sensitive information, or move your account somewhere else due to dangerous circumstances.

 Reuse passwords:

Your Payswix password should be unique, and not used anywhere else.

 Trust social media messages:

We only contact you through official channels, not random social media accounts.

 Follow unknown SMS instructions:

We only use SMS to send you One-Time Passwords.

 Share sensitive information:

Your account details must be kept only to yourself.

How to recognize and avoid fraud:

Recognizing and avoiding fraud is crucial in today's world, where scammers continuously develop new methods to deceive unsuspecting individuals. Here are the four most common methods employed by fraudsters to remember:

Individuals posing as investment brokers or managers may reach out to you, offering highly lucrative investment opportunities. These individuals commonly promote fictitious investments in cryptocurrency, securities, or precious metals like gold and silver, often leveraging economic concerns such as downturns or inflation to entice you into investing.

Once they have gained your trust, they typically start by requesting a small initial investment (ranging from 500 to 1000 EUR) into their supposed investment platform. As time passes, they may contact you again with false promises of high returns, encouraging you to invest more money. Sometimes, they even return a portion of the funds to maintain the illusion of legitimacy. Unfortunately, once victims realize they have been deceived, recovering lost funds is often extremely difficult.

Here are some simple steps to protect yourself from investment scams:

Sign out on public devices:

If you use your Payswix account on a public computer, remember to log out when you are done.

Do your research:

When investment brokers contact you, ask them for more information about the platform they represent. Check their website for license details to ensure they are operating legally. Look out for any negative reviews or bad press about the company.

Clarify investment terms:

Make sure you understand all the terms and conditions of the investment before committing any funds. Do not hesitate to ask questions until you are fully informed.

This is a common scam where fraudsters pretend to sell items or offer services on online marketplaces. When someone sees their ad and contacts them to make a purchase, the scammers take the money but never deliver the promised item or service. They might even show fake proof, like photos of the package being sent, to make it seem legit. But once they have the money, they disappear, ignoring calls and messages and deleting their ad, leaving the victim without their money or what they paid for.

Here are some easy ways to protect yourself from fake ads:

Watch out for super cheap deals:

If something seems too good to be true, like an iPhone for a fraction of the usual price, be cautious. While not every cheap deal is a scam, it is smart to be extra careful because fake ads often lure people in with unrealistically low prices.

Check the seller’s reputation:

Look at the vendor's ratings on the marketplace website or their social media accounts if possible. Positive feedback from other buyers can help you feel more confident about the seller.

Verify contact information:

Make sure the seller's email and phone number are active. If you cannot reach them easily, it could be a red flag.

Ask about return policies and guarantees:

Always ask sellers about their terms for returning products or any guarantees they offer. If they are hesitant or refuse to discuss these details, be wary of doing business with them.

Scrutinize the vendor’s website:

Take a close look at the product photos. Use Google reverse image search to check if they are taken from other sources. Also, be cautious if the website lacks contact information or only provides a contact form, as this could indicate potential fraud.

Be careful with international sellers:

It is harder to verify the legitimacy of vendors from other countries, hence, proceed with caution and do thorough research before making a purchase.

Phishing is a sneaky scam where fraudsters try to steal your sensitive information like usernames, passwords, and credit card numbers. They usually trick people by sending fake emails or SMS with links that look legit. SMS phishing attempts are especially dangerous since fraudsters can generate sender names corresponding to the actual names of financial service providers. If you click on these links, you could end up downloading malware that steals your information and leads to hackers accessing your accounts and taking your money. It is important to be super cautious and not click on any suspicious links or share your personal information with anyone you do not trust.

Here is how you can protect yourself from phishing:

Know your financial service provider’s contact methods:

At Payswix, we never send emails or text messages with links asking for your sensitive account information. If unsure, contact your provider directly using trusted methods like their official website or phone number.

Beware of unexpected calls asking for private information:

Legitimate institutions like the Bank of Lithuania or FNTT will not call you out of the blue asking for personal information. If you get a suspicious call, hang up and do not share any private details.

Watch out for fake websites:

Scammers can use Google ads to promote counterfeit versions of popular bank websites that look real at first glance. Always double-check the website's URL and look for signs of fraud, like spelling mistakes or unusual requests for information.

These scams target single, often older people. Scammers create fake social media profiles to befriend their victims. They build a relationship over time, and when the victim feels close, the scammer asks for money or a loan. Once they get the funds, the scammer disappears, leaving the victim with both financial and emotional damage and no way to reach them.

Here are some simple steps to protect yourself from romantic fraud:

Check their social media:

Look for any signs of suspicious activity, like an unusually high number of likes or interactions. Scammers might use fake profiles to boost their presence.

Verify their photos:

Use a reverse photo search to check if their pictures are real and not taken from other sources. If the search does not show anything unusual, the photos are likely to be genuine.

Be cautious with foreign accounts:

Scammers often target victims from abroad, so be extra careful when dealing with people from other countries.

Do not send money to someone you have never met:

Especially if they ask for it urgently due to a supposed financial or personal crisis. In reality, people would typically seek help from their friends and family, or local sources first.

Talk to your loved ones:

Share information about your new acquaintance with your family or close friends and listen to their opinions. They might notice red flags that you have missed, especially if the scam has already started.

Fraud can happen to anyone, regardless of age or social status. Since fraudsters are always finding new ways to trick people, it is crucial to stay informed about the latest scams. Payswix suggests checking out fraud prevention tips from the Bank of Lithuania to learn how to protect yourself (https://www.lb.lt/lt/sukciavimo-budai).

If you have come across any fraud or have any doubts, reach out to us right away at [email protected]. We are here to help!

How to protect your Payswix account

DO:

 Double-check emails:

 Be cautious:

 Use strong passwords:

 Sign out on public devices:

 Report suspicious activity:

DON'T:

 Click on unknown links:

 Fall for urgent requests:

 Reuse passwords:

 Trust social media messages:

 Follow unknown SMS instructions:

 Share sensitive information:

How to recognize and avoid fraud:

Sign out on public devices:

Do your research:

Clarify investment terms:

Watch out for super cheap deals:

Check the seller’s reputation:

Verify contact information:

Ask about return policies and guarantees:

Scrutinize the vendor’s website:

Be careful with international sellers:

Know your financial service provider’s contact methods:

Beware of unexpected calls asking for private information:

Watch out for fake websites:

Check their social media:

Verify their photos:

Be cautious with foreign accounts:

Do not send money to someone you have never met:

Talk to your loved ones:

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