Many years ago, we would go to traditional banks to conduct financial transactions. Considering the long queues seen in most banks to date, this wasn’t a convenient way to make transactions. In recent years, several online payment platforms, including Paysera, have emerged to address the issue.
Do you want to know how Paysera works and whether it is safe? Well, continue reading this article.
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Paysera was launched in late 2004. In 2011 and 2012, the payment company secured a Payment Institution license and an Electronic Money Institution license from the Bank of Lithuania. Paysera is headquartered in Lithuania. However, it has a presence in most European countries. In total, the payment platform operates in 195 territories.
Paysera has made available a mobile app that is compatible with both Android and iOS devices. In the app, you will find several services and products, including foreign exchange, visa cards, and access to the precious metal market.
Setting up a Paysera account is not as complicated as it may seem. To get started with this payment service provider, you must first download its mobile app and then enter your phone number or email, along with a unique password. To access all services offered, ensure you verify your account. You can do this by providing a photo of your identification document.
How Safe is Paysera?
It’s evident that Paysera is a legitimate firm. However, like any other online platform, it is vulnerable to cyberattacks. So, what has Paysera put in place to ensure the safety of customer funds?
Firstly, Paysera is a regulated company. This means the Bank of Lithuania regularly audits the payment platform to make sure it maintains integrity in its operations. Moreover, Paysera has segregated accounts with reliable financial institutions to ensure it does not mix customer money with its funds.
Paysera also follows the Payment Card Industry Data Security Standard. This is a guideline for all companies involved in handling credit card data.
Paysera has adopted encryption mechanisms to prevent unauthorized individuals from accessing data shared by customers. In addition, the platform conducts regular audits of its system to detect any vulnerabilities. Note that you can also sign up with Paysera’s bug bounty program to participate in system auditing in exchange for a reward.
As mentioned earlier, you need a verified account to start using Paysera’s services. By verifying your identity, you help the payment platform comply with the Know-Your-Customer policy, which most central banks require every company facilitating financial transactions to adhere to so as to prevent anti-money laundering.
In terms of accessing your account, Paysera adopts various methods to confirm users’ identities before giving them access. For instance, you cannot use the app without creating a PIN code. Also, you will need this code when you want to update your details on Paysera’s mobile app.
To assure users that their data is not being sold to third parties, Paysera complies with policies provided by the General Data Protection Regulation. It is worth mentioning that Paysera has the right to share your details with law enforcement if requested.
How Do You Secure Your Paysera Account?
Although Paysera prioritizes user security, it does not mean that you do not have to. This is what you should do to secure your account:
Create a Strong Password
To protect your Paysera account, ensure you set up a unique password that you have never used on any other app. Moreover, change it from time to time.
Enable Two-Factor Authentication
Besides a strong password, you can adopt two-factor authentication to add an extra layer of protection.
Beware of Phishing Scams
Cybercriminals have set up fake Paysera sites and regularly advertise them on social media platforms. So, if you are not careful, you may deposit funds into those websites, causing you to lose your money. Paysera advises users to only download and use its mobile app from Google’s Play Store or Apple’s App Store.
As you can see, Paysera employs several security measures to protect customers. For this reason, we can conclude that the payment platform is safe. However, always play your part in protecting your account.