Help Centre

Is my money safe?

Relevant funds must be safeguarded. These are sums received in exchange for electronic money that has been issued by our regulated entity. Electronic money issued by PayrNet is credited to a ledger account on the Railsr platform. A positive ledger account balance is...

Who is a PEP?

PEP stands for Politically Exposed Person. A PEP is an individual who holds a prominent public position or has held such a position in the recent past. These positions can include high-ranking government officials, politicians, senior executives in government-owned...

What is Counter Terrorism (CTF) Financing?

Counter Terrorism Financing (CTF) refers to the efforts and measures taken to prevent terrorist organizations and individuals from raising, moving, or using funds to support their activities. CTF aims to disrupt the financial networks that sustain terrorist...

What is Money Laundering?

Money laundering is the process of making illegally obtained or "dirty" money appear legitimate or "clean." It involves a series of complex transactions that obscure the origin and ownership of the funds, making it difficult for authorities to trace the illicit...

Why is my KYB being requested again?

To comply with regulations, we may ask for your business details again to make sure if there are any updates with regards to your business activity. We do use public sources for this information; however, we cannot solely rely on this source for some of our required...

How do I protect myself from fraud?

Protecting yourself from fraud is essential in today’s digital world. Here are some important steps you can take to safeguard yourself:

          Be cautious with personal information: Avoid sharing sensitive information bank account details, or passwords unless you trust the source. Be particularly cautious when communicating online or over the phone.

          Use strong, unique passwords: Create strong passwords that are difficult to guess and use different passwords for each online account.

          Be wary of phishing attempts: Phishing emails, messages, or phone calls are designed to trick you into revealing personal information or clicking on malicious links. Be sceptical of unsolicited requests for personal information and double-check the legitimacy of the source before responding.

          Be cautious when using public Wi-Fi: Public Wi-Fi networks may not be secure, so avoid conducting sensitive activities like online banking while connected to them.

          Monitor your financial accounts regularly: Keep a close eye on your accounts, credit cards, and other financial statements. Report any suspicious transactions immediately to Pay iO.

          Educate yourself: Stay informed about the latest scams and fraud techniques. Be sceptical of too-good-to-be-true offers, and research unfamiliar businesses or organizations before engaging with them.

          Trust your instincts: If something feels off or too good to be true, trust your gut instinct. If you suspect fraud, don’t hesitate to contact your local law enforcement, or report it to the appropriate authorities.

 

Remember, prevention is key when it comes to fraud. By implementing these measures and staying vigilant, you can significantly reduce your risk of falling victim to fraudulent activities.

Some popular fraud schemes:

Fraud schemes can take various forms, and the popularity of specific schemes may change over time as criminals adapt to new technologies and opportunities. Here are some of the most popular fraud schemes that have been prevalent in recent years:

          Phishing Scams: Phishing involves sending fraudulent emails or messages that appear to be from reputable organizations, such as banks, social media platforms, or government agencies. The goal is to trick individuals into revealing personal information, such as passwords or credit card details.

          Identity Theft: Identity theft occurs when someone steals another person’s personal information, such as Social Security numbers, driver’s license details, or financial account information, to commit fraud. This stolen information can be used to open fraudulent accounts, make unauthorized purchases, or apply for loans in the victim’s name.

          Investment and Ponzi Schemes: These schemes promise high returns on investments but are fraudulent in nature. Ponzi schemes involve using funds from new investors to pay returns to earlier investors, rather than generating legitimate profits.