Payoneer is a United States based money service company that operates in many different countries. It is used by business owners to send, receive, and store money in multiple currencies.
If you are considering whether Payoneer is right for your business, you may wonder whether it is safe to use. If so, you’ve come to the right place. This article will answer your questions!
Is Payoneer Safe?
Payoneer is a safe and reliable company that allows you to receive and send payments in multiple countries and currencies. Payoneer is a registered Money Service Business in the US and is in compliance with government regulated safety protocols. Data encryption, firewalls, and virus detection systems all help to keep your account safe and secure.
Payoneer has many different features, and it is good to stay informed about its safety if you are a business owner or freelancer looking into creating an account, so keep reading for important information!
Can Payoneer Be Trusted?
Payoneer is a certified and government regulated company that follows the requirements of a registered US Money Service Business (MSB).
The company has a high level of security that is PCI Level 1 Data Security Standard certified. Your data will be securely protected on Payoneer.
To prevent hacking, all data access points are protected by firewalls and virus detection systems. Simply put, there are extensive security protocols in place at Payoneer.
Payoneer makes sure to review every transaction to make sure there isn’t fraudulent activity, and will email you to let you know of any changes to your account or suspicious activity.
Can Someone Hack My Payoneer Account?
Although Payoneer has many types of data security in place, it is still possible for your account to be hacked, much like any money service app. Your login information may be easily guessed or stolen by hackers.
In addition, a hacker can change your password using only your date of birth, which is relatively easy for someone to find.
If you suspect your account has been hacked, be sure to sign in and change your password if at all possible.
If you can’t sign in or change your password, you will need to contact the Payoneer support center. There is an emergency line you can call, which is found on the contact page when you sign in.
Can Payoneer Be Tracked?
If you are awaiting a payment to be sent to your Payoneer account, you can track the request by signing into your account online or in the app. Click “Receive” and select “Request a payment”.
There, you should see a tab for “Payment Requests Sent”. On this page, you can select a payment request to view its details. Under the “Timeline” tab, you can view the status of your payment.
Does Payoneer Show My Name?
When someone pays you on Payoneer, even if your account is linked to your business, your full account holder’s name is visible to them, as well as your account ID.
There is currently no feature that allows you to hide your name from other Payoneer customers.
Why Do I Need to Give My ID On Payoneer?
Payoneer often asks for various forms of documentation, including valid ID, in order to verify your identity.
As a regulated business, Payoneer is in compliance with jurisdictional rules that require the company to submit certain documentation. This ensures the safety and security of all transactions.
Is It Safe to Store Money In Payoneer?
It is safe to store money in Payoneer, as many customers store tens of thousands of dollars in their Payoneer accounts without any problems. This is due to government regulated security protocols.
However, since Payoneer is not a bank and does not have deposit insurance or treasury bonds, and your password may be stolen, it is smarter to store large amounts of money (>100k) in an actual bank account.
To know more, you can also read our posts on what Payoneer is used for, why Payoneer is not working, and why Payoneer is so slow.
Conclusion
Payoneer is very safe among money service businesses. It uses many forms of data protection and governmentally enforced safety protocols to ensure secure transactions and the protection of customers’ information.
However, you should keep in mind that hacking does occur on occasion, as with most payment services. It is best to use a strong password and not to store large amounts of money in Payoneer if possible.
