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Security-first. Be safe with Banxe

Alex Razdobreev
5 min read 21.02.2022
Blog

The concept of fraud and scammers has evolved through the centuries. Today, with the evolution of technology you have to be more diligent than ever. By becoming aware of these threats, you’re less likely to fall for them.

In this article, I want to share a how-to guide to staying safe: 

  1. How to avoid scammers

  2. How to know if Banxe is secure  

  3. How to protect yourself

 

#1 How to avoid scammers 

While there are thousands of legit projects on the web, you may come across just as many fraudulent ones. The main purpose of these sites is to deceive the users into fraud or other malicious attacks. Here are a few tips to help you understand how to protect yourself: 

  • Always check a domain name for its accuracy 

Typically, a fake site may use a domain name of a legitimate company with a slight change (e.g. using “0” instead of “o” or “i” instead of “L”, etc). Other times you may get redirected to an illegible domain (e.g. XYZ-HELLO-GOOGLE123.CO). Similarly, pay attention to links like bit.ly.

  •  Use a  secure connection  

A proper website uses  HTTPS protocol to secure a connection. If a financial website is using HTTP instead of HTTPS, stay away. Additionally, a lock symbol next to the URL in the browser bar should be visible, otherwise, it’s a red flag and the site may not have an up-to-date security certificate.   

  • Be careful using URL shorteners 

There are short, unique URLs that will redirect you to a specific website. For example, if you are using Twitter or LinkedIn, the platforms may shorten your link by default, and instead of long links, you could paste https://lnkd.in/something. This is a perfectly acceptable practice and is actually very useful.  However, scammers like to use these kinds of URL shorteners to mislead you. Check Google for a  list of URL shorteners and be very careful, when you click one.

  • Think twice before you “Sign up and get $1 billion dollars” 

If it sounds too good to be true, it probably is.  If the site is offering you the world’s best deal for a minimum effort, it will surely be the scammer who will gain the most reward. This is a popular tactic for scammers; an offer you can’t resist is only one payment away, and one click away from you being scammed. 

 

 #2 How to know if Banxe is secure

Besides following the above security protocols we have a user-friendly interface and are simple to understand and use. We take security to heart and have created an infrastructure that keeps our users from harm's way. 

Here are some key features that make Banxe reliable:  

  • The products and services we offer are licensed

Our services are registered and licensed by top-tier regulators such as FinCen, FinTrac, FCA. This means we are regulated and licensed by the same entity that regulates standard banks. Since the key focus of regulators is to protect customers and their funds, they ensure that companies go through a stringent process to obtain the licenses. This provides confidence and peace of mind to our users. 

  • Account verification a.k.a. KYC/AML 

Since Banxe’s services are licensed, we ask users to complete account verification. Proof of identity and proof of address are required as part of the process. Yes, it takes extra time, but this step is essential for your security. , It also helps us verify that you are who you say you are. We strive to create a better financial environment for our community.  

  • Your personal data is your personal data. There is no compromise.

We do not share your personal data with anyone without your consent and we strictly follow all GDPR rules. All passwords are stored in hashed form.

  • Your funds are safely stored 

Your money is stored in segregated accounts in High-street banks and on cold wallets This means we do not have access to your financial assets unless you grant us explicit permission and we are not using your money for operational purposes. It reduces your risks and gives you more control over your assets. 

 

 #3 How to protect yourself

Here are a few tips for your own web/crypto/financial security: 

  • Never share your passwords with anyone

  • Use only reputable password managers to generate and keep track of a strong password 

  • Store a few copies of your seed phrase offline in different places 

  • Never share your seed phrase with anyone 

  • Never store your seed phrase online 

  • Don’t tell anyone your CVV code 

  • Turn on 2FA 

  • Don’t click on unknown links, even from family members. They can be hacked 

  • Never click “remember me” on third-party computers 

  • Always log out from any financial platform   

  • Use face ID, Touch ID, or alternatives instead of regular 4 or 6 digits passwords. Your face is harder to copy 

  • Don’t trust any messages, emails, or calls from “managers” “support” “compliance” with unofficial emails. Banxe team will contact you only from @banxe.com emails.  

 

I hope, this article was helpful and interesting. Here, I  explained the basics of scammers' behavior, how Banxe protects its users, and important tips to protect yourself while using financial platforms. 

 

Thank you for your time! 

Wish you a good day, 

Alex Razdobreev 

CTO Banxe 

 

Want to share any ideas? Contact community@banxe.com  

 

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