Be Alert To Prevent Online Scams

Today sending money online has become a really easy and quick process. This is due to the availability of payment processing platforms. These online platforms work on the concept of an e-wallet. Users can load money into their e-wallets and then transfer the funds to other accounts. Similarly they can withdraw transferred funds from their e-wallets. This makes money transfer really easy and also the online process is much faster than more traditional banking methods.

Payza

There are many payment processors and they offer a variety of features and services. One such processor is Payza. Payza supports 21 different currencies and has registered users across 190 countries across the globe. This includes both personal and business account users. There are several benefits that both individuals and merchants can enjoy by registering with Payza. Online businesses can easily plugin payment functionality into their websites using the Payza buttons.

Online Security

One challenge that all online websites face is that of cyber security. As per Payza’s Firoz Patel, scams are the biggest problem in the online world today where fraudsters and cyber criminals trick unsuspecting users of their personal and payment details. They then use this information to gain unauthorized access to their systems and commit fraud. It has become very vital for online businesses and payment processors to have a solid cyber security policy – one that identifies the vulnerabilities and risks and uses appropriate mitigation measures.

What Can Users Do?

There are several precautions that users can take to safeguard themselves in the online world. These include simple things like using strong passwords to more complex methods such as encryption. Firoz Patel says that online businesses must do everything they can to avoid data breaches and keep their users safe from scams. Payza on its part has a very active user community. This community is the go to place for Payza users to post queries, share information and to reach out to Payza support. This easy access to relevant information can go a long way in preventing scam as users are better educated on risks and online security best practices that they should follow.

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Payza’s Firoz Patel on How to Avoid Becoming Victim of Online Scams

Online payment processors such as Payza have become the backbone of transactions being conducted online. There processors provide a variety of services of money transfer and payment related services to both individual and business users. Not only are online processors faster that more traditional methods that are available for money transfer especially across international borders, they also provide several other value added services. Payza for instance gives its merchants an opportunity to conduct business with its registered users. Customers not only enjoy convenience, they can also transfer money online in a secure way.

Why Security Is Important?

Most users on the internet may not be completely aware of how information they provide online might fall in the wrong hands. Cyber criminals and fraudsters have become increasingly adept at mimicking original businesses and users in an attempt to gain unauthorized access to user and payment related information. According to Payza’s Firoz Patel, scams such as these can prove to be very costly to both users and businesses alike. Online security is of paramount important to prevent cyber fraud and avoid transaction disputes.

Phishing Emails

Phishing emails have been around for a very long time. However, even today there are many users who fall victim to this scam. A Phishing email is an email that is sent out to a user asking for his personal or bank details. The emails appear to be from authoritative sources but they are not genuine and users have to be trained to identify such emails. Payza Scam prevention guidelines advise users to never provide any bank or credit card details over an email. This basic rule can go a long way in safeguarding your information.

Be Alert!

Even with the best cybersecurity measures in place things can still go wrong sometimes. This is because cybercriminals are always coming up with new and unique ways to gain unauthorised access. The Mirai botnet attack at the end of 2016 was a perfect example of this where low end IoT devices were used to bring down Dyn servers taking down several top websites including Twitter in the US. Mirai bots continued to be used for other types of attacks in the days to come.

Hence, users should always be alert when they do business online. Not only should they be careful while accessing websites or transferring funds, they should also make it a habit to check their bank, credit card and e-wallet statements. In case they find any suspicious transactions, it is very important to immediately bring it to the notice of the service provider. Payza users can reach out to Payza support via live chat, email, telephone and also via forums. All these different channels ensure that users can get quick and relevant response to their queries and issues.

Turn Every Customer Complaint Into A Compliment For Business Success

Today Customer is king like never before. This has made customer experience a very hot topic especially among online businesses and it is being said that customer experience will be the key differentiating factor going forward. In the online world, customers can easily share their experiences and their feedback and reviews can make a big impact on how a brand is perceived.

When Customer Service Goes Wrong

As any online business will tell you, failing to keep a tab on customer complaints can largely impact the business’ ability to retain customers and to also attract future customers. One recent highly publicized case was of a US based airline forcibly evacuating a customer with a valid boarding pass off the plane. The resulting outrage especially on the internet had the airline scrambling to find an appropriate and acceptable way to handle the situation. What followed has proved to be a very costly experience for the airline.

Customer Complaints Can No Longer Be Ignored

Several businesses have now brought the customer at the center of their business strategy. One such business that has been extensively focusing on customer experience is Payza, an online payment processor. According to Firoz Patel, complaints at Payza are taken very seriously and there has been an active strategy to ensure complaints are used to bring about positive changes in the method of doing business.

How To Use Complaints To Your Benefit?

Firoz Patel further elaborates on how Payza has used complaints to identify areas of improvement. These continuous improvements have had significant impact on process efficiency at Payza. Right from new users trying to understand how to use the payment processing platform to advanced users trying to leverage the platform for further gains, all customers have an open channel where in they can forward their feedback to Payza. Payza executives are trained on handling customer requests and queries. There is also an online forum where in users can share tips and learnings. All of this has led to an active relationship between Payza and its users.

Payza also regularly provides information to its users about service and product updates as well as having a call center to respond to user queries. There are also relationship managers assigned to merchants so as to ensure any issues that they may be facing are resolved quickly.

If you are a business, then you can no longer take an approach where the customer is not at the center of every decision you make. Failing to understand this changing trend can prove to have a devastating effect on your ability to cope with your competitors. Social media presence has also become very important. This provides an opportunity for sentiment analysis and in this way businesses can quickly gauge how customers are perceiving their products and services.

Firoz Patel, Fraud Expert At Payza On Scam Prevention

The last couple of years has seen a huge rise in the use of internet and online business activities. As more and more business gets transacted online, there is also a growing threat of online scams. Online scams are basically methods by which fraudsters try to cheat you for their benefit. This could be either by pretending to be someone else (identity theft), by sending you phishing emails to get hold of your data, via fake websites that are designed to look like original websites or by hacking online sites to steal credit card and other payment related information.

 

Preventing Fraudulent Transactions Is A Priority

It has been found credit card related frauds are one of the biggest contributors to online fraud. All of this has raised a lot of concerns and both business and internet users and online payment processors need to find ways and means of preventing fraudulent transactions. Firoz Patel, Fraud expert has been associated with Payza since its inception. Payza is a Payment processing platform that allows registered users to transfer money online. Payza supports multiple currencies and is available to users across the globe.

 

Some tips suggested by Firoz Patel to prevent fraudulent transactions include making sure the online business or payment processor you use has a strong cyber security policy. This includes monitoring and detection of frauds and proactive measures to prevent frauds in the first place. The Payza fraud prevention team uses a proprietary fraud prevention matrix to detect suspicious activities. The most important aspect of cyber security is that the team must always be on the lookout for new methods used by cybercriminals and fraudsters and take proactive steps to tackle them.

 

Tips For Internet Users

Users on their part must make sure that they use strong passwords, do not share their passwords with anyone and are always alert when they enter their personal or payment related details on any site. One of the most common techniques that are used by criminals is phishing attacks and users must never ever pass on their personal or credit card details to any person without first verifying their authenticity. These simple steps can go a long way in fraud prevention.

Beware Of Debit & Credit Card Frauds: A Few Useful Tips!

Using a credit or debit card for a purchase has its pros and cons. It may either help when handled properly or become a detriment if not used wisely, advised by the Payza’s CEO, Firoz Patel. Fraud related to credit and debit cards is at a very high level despite new security protections implemented by credit card companies.

While consumers are trying to keep themselves away from the current ways, the tricksters will always come up with new techniques; use of Bitcoin transactions is one of such nowadays.

How is the use of Bitcoin helping Debit & Credit card Fraud?

Bitcoin is a virtual digital currency used to conduct electronic transactions by sending Bitcoin to each other over the Bitcoin network all the time. Bitcoin is a decentralized currency controlled by no one and unless someone keeps a record of all these transactions, no-one would be able to keep a track of who had paid what.

This provides ideal opportunity to cyber crooks to take full advantage of it and use Bitcoin to aid them with their credit card fraud.

How does it work?

The analytical team of Payza demonstrates it well with the help of the example mentioned below:

Who validates that person A has sent 1 Bitcoin to person B?
Who stops person A from also sending that Bitcoin to person C?

The answer is Bitcoin miners: “a set of people who perform it all and charge a commission fee to provide services for all the completed transactions.”

As the value of Bitcoin has gone up significantly, more people have seen mining as a potential business. Not too many legitimate companies are currently trading in Bitcoin but it is definitely catching eye of many.

How is it a threat?

The companies who wish to use this payment system need to open an account using their personal details. These details can be used later fraudulently to perform malicious tasks and potential fraud. Also as this is a relatively new payment system and so not a lot of people are completely aware of it. This not only leads to consumers paying high commission fee in lieu of the service but also agreeing to avail it at a very poor exchange rate.

As per Firoz Patel, fraud is usually an outcome of ignorance and lack of knowledge leading you to share your personal details with a system which is untrusted.

Everyone is Responsible for Sharing the Burden of Fraud

“Fight The Problem – Not Each Other”, is the key to eliminate a problem. Whether it is about a successful marriage or to minimize business fraud says Payza’s CEO, Firoz Patel. Scam could shake and destroy any individual or business if corrective measures are not in place.
Everyone in the industry is responsible for sharing the burden of fraud and playing their part to fight against it. “Rightly said by someone; it takes two hands to clap!” One individual or organization cannot be solely blamed for anything and so the blame game between a buyer and a seller is neither the solution nor the option to stop it.

What Can Stop It From Happening?
Compliance and Fraud detection plays a key role in ensuring it does not happen; they go hand-in-hand. While being complaint helps you to minimize risk, detecting potential fraud lets you prevent it from happening.

  • Benefits of Being Compliant- Companies following guidelines and working on a compliant platform are far more away from any reputation damage and risk exposure.A fraud detection mechanism allows you to be prepared with required control measures. With the Fraud Prevention technology and in-house compliance strategy, Payza has been recorded with consistently lower fraud risk numbers than reported at an industry level.
  • Benefits of Detecting Fraud – Controls, monitoring and reporting promote faster detection of fraud. Key detection measures include a raising alarm policy, reports designed to highlight potential and common indicators of non-standard outcomes over time, and other controls that alert people to potential fraud. It goes without saying that monitoring these indicators is as important as the implementation of these.

Having talked about what can stop it all, we should not forget: “The bigger prospects for industrial growth and high revenue, brings more opportunity for fraudsters”.

So, What’s Required?
Everyone in the industry has to be committed to adopt all the current anti-fraud practices. The entire system has to co-ordinate in factoring fraud or scam prevention into commercial, technical, and operational process as standard. While the business sector growth demands for higher investment, it becomes imperative to be prepared for increased activity in setting up anti-fraud standards.

What Can Help?

  1. The identification and potential risk factors to which systems or procedures are exposed
  2. Positive implementation and reliable operation of internal controls
  3. Establishing an environment that promotes compliance with internal controls
  4. Promoting fraud awareness
  5. Fostering an ‘anti-fraud’ culture

As per Firoz Patel, scam and fraud happen due to loop holes in a relatively weak system or lack of control measures. While elaborating it more, he talks about Fraud Prevention & Security Team of Payza which works efficiently and effectively to minimize risk in the current climate.

Their endeavor is to support global standard alignment as an industry and also investing the right amount in protecting against fraud.

Protect Yourself from Online Business Fraud

Yes it’s possible: preventing you from being a victim of online business fraud via financial scam trickery and other stealthy actions. While usage of internet for e-commerce has been increasing substantially, it has brought in successful payment processors such as PayPal and Payza consequently used by millions of customers, both for individuals and businesses in the market.

Hence, it is very important to be thinking one step ahead and putting on your gumshoes to dig deeply to be away from being a victim of any online cybercrime or latest business and internet fraud. Firoz Patel, a successful Canadian businessman and co-founder of a global payment processor who has his recent venture Payza (a global payment processor) successfully capturing the market has shared his thoughts guiding to use a secured gateway.

What to believe in?
As per Firoz Patel, complaints and applauds go hand-in-hand. While you see great reviews being posted, you will also find negatives spread for an organization. Neither the reputation, nor the apparent track is enough, aptly said by the Payza’s CEO, Firoz Patel. Complaints made against an organization are falsified at times and are nothing but a conspiracy by the competitors to spoil the image. You have to go way beyond that to really investigate the operations of the organization and find out if what is claimed is real.

What to do?
Payza has recently formed an alert & awareness team to spread awareness amongst consumers. Besides, various steps they guide you through to be protected and secured, they strongly intend you to be aware of the tricks and stealthy actions that are being commonly used to make a consumer fall in to it. One of the most important ones used nowadays is called “Ponzi Scheme”.

This scheme refers to a financial scam that pays returns to early investors using money put in by later investors. Victims are often attracted by promising and high returns at no risk. Payza, as an organization not only wants the consumers to be protected against such a fraud but also demands strongly for some strict actions to be taken against the organizations following such practices.