Firoz Patel Warns Against Cryptocurrency Fraud

Cryptocurrency is a form of digital currency that can be used as a medium of exchange just like any other currency. Bitcoin is the one of the most popular digital cryptocurrency. In recent times, Bitcoins have been in the news due to the phenomenal rise in their tradeable value. More and more businesses now support Bitcoins. Online payment processing platforms such as Payza also offer extensive Bitcoin support. Merchants can now price their products and services in Bitcoins. Similarly, consumers can shop online using Bitcoins. Payza’s e-wallet can also be used to store Bitcoins and it is very easy to convert Bitcoins into any of the other currencies supported by Payza and vice versa. The ease of conducting transactions with Bitcoins has attracted many users to this digital currency. However, this popularity of Bitcoins has also given rise to a new type of fraud.

Cryptocurrency Fraud

According to Payza’s Firoz Patel, frauds related to cryptocurrency have started mushrooming. Criminals typically pose as investment brokers and offer people the opportunity to invest in new digital currencies. Sometimes the fraud can be very sophisticated. Fraudulent cryptocurrency call centers are used to call unsuspecting people and persuade them to invest in the fake cryptocurrency. These frauds have only recently come to light and Firoz Patel says that it is very important to increase awareness about such scams. Cryptocurrencies by themselves are difficult to counterfeit and payment platforms such as Payza are known for the security measures they employ to protect their users from cyber criminals.

How to Avoid the Fraud

You should be careful of investments that promise high returns in a very short time. Also, never entertain an investment caller without first verifying his or her credentials. A very lucrative offer where you are asked to invest immediately or you will lose out on big gains should immediately set the bells ringing as these are all signs of fraudulent operations. Some fraudsters use impressive names and addresses. Fraudsters usually use aggressive sales tactics to make their victims give up large sums of money. Do your due diligence before investing in such schemes or offers.

How to Report the Fraud

If you are a victim of such a fraud then the first thing to do is immediately report the scam to the law. Then alert the bank to protect your account and stop payments yet to be made. Being vigilant is the best way to avoid becoming victims of scams and cyber frauds.

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How to Put In Place Internal Controls System in an Organization to Prevent Fraud

Many companies find their internal data falling into the hands of competitors and fraudsters. As a result, their sales get affected. How can sensitive company internal information fall into the wrong hands? The answer largely lies in the ways internal control has been implemented in an organization. It is only when stringent measures have been put in place to implement security measures for data that it cannot be sent out of the organization and thus will not fall into the wrong hands.

How to Implement Effective Internal Controls in an Organization?

At every step of the data generation process, there must be procedures in place to ensure that such data is not transmitted to outside party through email or any other means of data transmission. The data must be generated according to laid down guidelines and after it is produced it must be checked by the authorities.

Always make sure that there is a check on what has been produced, who has created it and how it is transmitted to people in the next chain of work so that they use it for further processing. This is a key feature that was implemented by Payza, a leading online money transfer service after they came up with Firoz Patel Payza Fraud complaints.

One of the key steps to take when data is generated by so many computer systems is installing good antivirus software. The software will check the system constantly for any kind of virus and remove it as soon as it is detected. It is a well known fact that when a system is affected by virus it comes to a halt.

All the data that is stored in it becomes corrupted and the entire system cannot function anymore. It has to be fixed by taking to experts who can fix virus problem. In the course of doing this, work will stop which will affect productivity.

Another step to implement is firewall. Firewalls prevent intruders from entering into your sensitive computer system and snooping inside them for information. Without them you have not way of telling who is inside the system and trying to get information that is required for your company’s growth and use it to increase their sales figure. Key data such as important marketing and sales information or information on product production can be stolen and used by competitor if you d not have firewalls that prevent this from happening.

Needless to say internal control plays a very vital role to prevent financial frauds. Therefore, it is mandatory to put in place polices and rules for the use of laptops and mobiles in the work place. Employees should not use their cell phone to send official emails and should have their laptops password protected to prevent accidental theft of the device etc.

Firoz Patel Says Scams Can Impact Your Brand Safety

Online advertisements are now just as popular as traditional forms of advertisement. The revenue generated via online advertisements is so substantial that businesses can no longer ignore this medium to carry out promotional activities. In order to advertise online, businesses work with publishers. Advertisements are placed alongside other content on websites – this content could be videos or text or pictures.

 

Nowadays, programmatic advertising is used and it automates how and where your ads are placed online on a given website. This means that advertisers themselves have little control over the placement as it is being determined by a prebuilt algorithm. If your advertisement is placed next to popular content then it works well and can greatly improve the visibility for your brand. However, if the content is offensive or objectionable then this can seriously dent your brand’s reputation. Most visitors associate your brand with the content that it is placed alongside. According to Payza’s Firoz Patel, scams can further dent your brand’s reputation. If your advertisement is placed next to fake news this can be a big concern for your brand safety.

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It is difficult to build a brand’s reputation. It takes time, talent, money and patient hard work. Some companies spend a quarter of their budget on marketing online. With so much being invested, it is but natural that businesses cannot risk damage to their reputation because of bad ad placement. Firoz Patel adds that brand safety crisis is about loss of trust between the consumer and the brand. It is challenging to build trust and it the last thing that brands want to risk. A study confirms that consumers rethink buying a product if it appears with objectionable content. In such scenarios, Firoz Patel recommends that companies advertising online should opt for quality advertising alongside premium content on trusted websites to maintain brand safety.

Staying Safe From Scams And Cyber Criminals

Have you ever wondered how cyber criminals can take over your computer?

Cyber criminals and scammers use different techniques to gain unauthorized access to your data and device. The most common method is via fake emails and websites. Many people unknowingly fall victim to such scams. According to online payment processing platform Payza’s Firoz Patel, indictment in cases of online scams and frauds can be difficult. He recommends the best approach is to be proactive in taking steps to avoid becoming victims of scams. Let us take a look at some of the most common methods used by scammers.

Fake Emails And Malware

This is a method used to trick people into providing their personal and bank details. Also referred to as phishing, the technique uses a fake email address that very much looks like a real address to send an email to an unsuspecting user. The email usually asks the user to click on a link or to provide some specific data. Clicking on the link will direct the user to a fake website. If the user enters any information on the fake website, it is captured by the scammer who can then use it for fraudulent purposes.

Sometimes clicking on the link downloads a malware to the user’s computer. The malware can be used to record keystrokes and user actions which is then used to gain unauthorized access. The virus may also be used to send out spam email, attack other computers and also to host fake websites to trap other users.

Ransomware is one of the biggest growing threats in online security. In this case the malware not only gains access to your computer, it blocks you from accessing your data. Cybercriminals then demand money for restoring your access to the device. Sometimes the payment is demanded in bitcoins which are more difficult to trace. Some ransomware might copy your private data and demand money for returning these files.

So what can one do to identify scams and steer clear of them? Here are some general rules of thumb:

  • Always be wary of clicking on links in the email or responding to them when you do not know the sender. Make sure the sender is who he claims to be. You should check for spelling mistakes in the sender’s address.
  • Pay attention to the contents of the email. If the email says you have won a lottery or a prize for which you never signed up then it is highly unlikely that the email is authentic.
  • Always install software only from known and verified sources. Never download anything on your computer without turning the anti virus on. Make sure your antivirus files are always updated. There are always new viruses and trojans coming up and it is very important to keep updating your version of antivirus to protect yourself.
  • Whenever entering your details on a website, check if it uses SSL encryption. You can determine this by the padlock that appear before the url in the browser address bar. The website uses the https protocol. This makes it difficult for hackers to get hold of your data as it is encrypted while being sent over the wire.

The above tips can help you stay safe online. Payza also has an online forum and blog where more information and tips are available to its users and guidelines for keeping your personal and payment related information safe on the internet. You can also contact Payza support via live chat, email or telephone in case you find any suspicious activity on your account. Remember staying alert is the best way to stay safe from cyber criminals.

Fraud Prevention Measures To Help Merchants Avoid Scams

Payment processing platforms are now commonplace in the online world. There platforms provide a quick, easy and secure means to transfer funds. Processing platforms such as Payza support both individual users and businesses accounts. Individual users can now easily send and receive money even across international borders. Merchants can open Payza business accounts for their business needs.

Business Users

Features available to Business users include shopping cart integration, tokenized payments, split payments, in page checkouts, invoicing via email, credit card and bitcoin processing. Payza also provides value added services such as currency exchange, fraud screening, global payouts and dispute resolution. However according to founder Firoz Patel, Payza Fraud prevention measures are what makes the platform most attractive to merchants.

Scams And Fraud Prevention

Payza has an extensive online security fraud prevention strategy to ensure cyber criminals do not compromise user data and accounts in any way. This is a must for any payment processing platform. Before choosing an e-wallet provider, merchants should ensure the following measures are in place:

  • The provider should have a strong online security policy that clearly states how sensitive user information will be handled. Users should be notified if any of their details are being shared outside the provider’s network.
  • The provider should encrypt sensitive data that is being stored and must take all necessary network and cybersecurity measures to ensure that hackers do not gain unauthorized access to this data.
  • In case there is any data breach at the provider’s end, it is the provider’s responsibility to send out alerts and notifications to its users so that they can take steps to safeguard themselves.
  • Merchants should make sure that all their devices are password protected be they desktops, laptops or mobile devices. Mobile devices also offer multiple layers of security. Follow best practices for devices and account passwords – these include using strong passwords, not sharing your passwords with others, avoid using the same password for multiple accounts and making it a habit to frequently change your passwords.
  • Merchants should connect only over secure networks. Avoid accessing your business accounts over free wifi at a cafe or airport. Most hacks happen over free wifi. A secure wifi is one that will require you to enter a password in order to connect and can be identified as a WPA or a WPA2 network.
  • Mobile apps are especially prone to security issues, hence be careful when you install apps on your mobile devices. As a general rule for any device, only download and install apps from trusted sources in order to prevent risks of malware infecting your device.
  • Train your staff on cyber security measures. A majority of breaches happen due to unintentional disclosure of sensitive information by people who are not sufficiently aware of frauds and scams.
  • Make sure you have the latest version of antivirus on all your devices. Install all security updates and patches pushed out by vendors of software that you may have installed on your machines. These patches are designed to plug in security loopholes that might be existing in the software and could be exploited by cyber criminals.
  • Be alert! Look out for any suspicious activities on your business accounts. If you notice any transactions that you have not initiated, then you should immediately bring it to the provider’s notice.

You should regularly review and audit your accounts to avoid any kind of misuse of funds.

Protect Yourself From Scams And Cyber Criminals

The internet has changed businesses like never before. More and more users now prefer to shop online and this has forced business to look actively at establishing an online presence. When users purchase goods and services online, they also need to pay for these transactions. Payments and money transfers can now be carried out very easily online due to the presence of payment processing platforms.

Payment Processors

Payment processors typically work on the concept of an e-wallet where in users can upload funds via different means such as bank transfers, credit cards and so on. Funds can then be transferred even across international borders using the e-wallet. Users can withdraw funds into their bank accounts from e-wallets as well. Money transfers via e-wallets are much quicker than traditional means. Users typically find payment processors such as Payza very convenient to use. However online transfers also come with certain risks. There is an increasing number of online scams and frauds and users should be aware of them.

Scam Prevention

As per Firoz Patel, Payza scam prevention team works very hard to protect Payza users from fraudsters and cyber criminals. Users can protect themselves from scams by following a few guidelines:

  • Users should never share their personal, bank, credit card or payza account details with anyone without verifying the authenticity of the recipient.
  • Be especially vary of phishing emails and phone calls.
  • Always verify the authenticity of a website before entering your details.
  • Avoid storing your financial data on laptops. If you must do so then it is a good idea to password protect your files.
  • Always make sure your laptops and desktops have the latest antivirus software installed. Ransomware is a very serious threat these days and users find themselves in a very difficult situation when a malware is used to gain access to their computer.
  • Make sure the website uses the https protocol. This ensures that your data is encrypted when it is being transmitted over the internet.
  • Never share your passwords with anybody. Avoid copying them down.
  • Make sure you use strong passwords. Strong passwords are a mix of alphanumeric and special characters and are usually 8 to 10 characters in length.
  • Avoid using the same password for multiple accounts. This can cause collateral damage in case any of your accounts are hacked.
  • Make it a habit to change your passwords on a regular basis.
  • Always check your credit card and bank statements regularly. If you notice any suspicious entries in the statement, bring it to the notice of the bank immediately. You may also need to block your credit card to prevent further misuse.
  • It is a good habit to shred your bank statements to prevent unauthorized people from gaining access to them.
  • If you are using mobile apps for payment transfers and banking activities, make sure you password protect your mobile devices. If your device provides the option, then you should opt for biometric passwords as even if the device is lost or stolen, no one else will be able to access your private data.

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.