BigPay improves security to protect M’sians from WhatsApp fraud in 2022 – Wired PR Lifestyle Story
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[This is a sponsored article with BigPay.]
Last year, with the rise in user adoption, BigPay, like other digital financial institutions and traditional players, had some of its problems with fraud.
BigPay is working on several fronts to combat fraud. During this time, the team has had to use a variety of strategies to keep users safe and have shared some of the lessons learned since then.
For starters, there has never been a leak or breach of BigPay’s customer data at any time.
Lesson 1: Scams often seem too good to be true
For the most part, scammers pose as BigPay employees and use WhatsApp messages or calls to try to extract private information from users, including One Time Password (OTP) numbers.
The initial wave of BigPay scams often came with the promise of refunds or prizes, often in the thousands on the Ringgit.
Another common tactic was to talk to users about renewing the card, with the promise of new features or an elegant new color of the card.
Scammers also catch common fears, such as telling users that their accounts have been compromised and that steps need to be taken to secure the account.
As a user, just remember: It sounds too good to be true, it probably is.
Don’t let pressure tactics get in the way, and it’s good to approach everything with a little healthy skepticism and apply critical thinking.
In addition to tightening security measures, BigPay launched a large-scale training for its customers. In addition a “I will not share my OTP”Message and agreement that would appear in the application, there were many articles published on their website and social media, and through external media, to reach out to the consumer base, to provide facts and details.
Most BigPay users would see a popup in their apps
The BigPay team has also tried out more creative ways to spread the word, mostly shared on social media, for example, using popular pop culture references. Pokemon.
And if you are a BigPay user, any official communication about suspicious activity on your account will be made this should only be done by email from the official email address of info.my@bigpayme.com.
Lesson 2: Always take a step forward in dealing with scammers
When it comes to dealing with a problem, for example, when scammers seek to defraud their user base, the BigPay team realized very early on that they needed to take immediate action to address fraudulent complaints.
An important step was to systematically launch efforts to remove the pages of any website or social network that represented them.
This involves reporting the WhatsApp numbers used by scammers to the authorities and training their machine learning system to mark and detect fraudulent behaviors.
“Our algorithm is improving every day to catch early scammers, and we are systematically banning BigPay accounts from scammers,” the team said. a piece published in detail of their efforts.
The group is actively freezing accounts suspected of being compromised.
They have strengthened their password reset requirements by adding two-factor authentication, and are working on existing features to help protect vulnerable users before anything happens.
Lesson 3: Use newer features to maximize security
Since October 2021, BigPay has added new security measures, the most important being login links. Sign-in links are intended to ensure that only one app on your phone that has a registered phone number can access your BigPay account. To sign in, you will now receive an SMS with a code instead of the usual username and password.
This mode of password-free authentication is more secure when it often takes into account user behavior. Many of us are guilty of using the same password on multiple platforms, or use obvious and easy-to-guess passwords like “password”. Login links help eliminate this risk.
BigPay also offers it now virtual cards. These give users a secure option to make temporary online purchases. If the details of a virtual card are being compromised by third-party vendors, just delete and create a new one (at the moment, BigPay assigns users 1 per month).
These virtual cards have other security benefits, such as keeping your physical and digital expenses separate. You can filter your transactions on the home screen and see the types of transactions made on each card.
When replacing your physical card, you can use your virtual card for your BigPay account for online purchases while you wait for the new one.
Recent feature feature upgrades include an increase in wallet size up to RM20,000, with equal transfer and withdrawal amounts up to RM10,000 per day.
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The efforts made in the last year have borne fruit; BigPay told Vulcan Post that there has been a big drop in fraud cases and that there are generally fewer fraud complaints submitted by users.
With the current growth, BigPay has reached a milestone of 1,000,000 card users in December 2021.
With a larger market now, and the goal of having a full digital bank, BigPay will continue to reassure users and provide a useful and secure platform for consumers to condemn their finances.
You can read more about BigPay’s fraudulent efforts and how to be safe here.
- Download the BigPay app for iOS here or Google Play here.
- Learn more about BigPay website or Facebook page.
- You can read our past coverage on BigPay here.
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