Is Payoneer Safe? Understanding the Risks and Benefits

Payoneer is a payment platform that allows users to make and receive payments domestically and internationally, but is Payoneer safe to use?

You may wonder whether Payoneer is a secure alternative to platforms such as PayPal. In this blog post, you’ll learn more about how safe Payoneer is with details on security measures, potential risks, and how to mitigate against them.

Is Payoneer Safe? Understanding Payoneer's Security Measures

Payoneer is a regulated entity and as such, follows standard security protocols to make sure that user data and funds are safe. With 2 million customers around the world, Payoneer is a trusted payment platform for cross-border payments.

There are various ways Payoneer protects your funds.

Fraud is one of the biggest threats to payment platforms and processors. This is why Payoneer monitors every transaction. This is to flag any attempts at fraudulent activity, identify theft, and more.

Payoneer has a team of security specialists dedicated to resolving cybersecurity issues. They take every precaution to protect the sensitive information and funds of its users.

Reasons to Consider Payoneer for Secure Transactions

If you’re looking for a payment platform to use for making secure transactions, Payoneer has the following security measures in place.

Multi-Layered Verification

Payoneer has 2-step verification, making it much more difficult for anyone to access or break into your account.

The way this system works is the platform requires you to verify your login. This is either by receiving a code to your mobile phone or a call, so there can be no doubt as to who is trying to access the account.

Payoneer also uses CAPTCHA technology to make sure that bots can’t brute force a user account. The CAPTCHA process is designed to verify whether it’s a human trying to access an account or a bot with the use of puzzles and patterns.

Plus, Payoneer employs various proactive strategies to prevent bots and hackers from accessing a user’s account. This includes web application firewalls and bot-locating software.

Detecting Unusual Activity

RSA adaptive authentication means that the Payoneer system is constantly scanning for risk factors. This includes IP address and transaction size to flag any anomalies and identify any suspicious activity.

Whenever users update their account information, they’ll receive an email notification from Payoneer. That way, they can be notified if there’s been any unusual account activity, so they can follow up with the support department at any time of day.

These measures and regulations ensure that Payoneer is safe to store money and use for international transactions.

Potential Risks and How to Mitigate Them

As with any payment platform, there are potential risks to consider.

Avoiding Common Payoneer Scams

Some common Payoneer scams to pay attention to are:

• Phishing emails - If you ever receive emails from Payoneer asking you to share your login details or confidential information about your account, ignore the email. You can also report it to Payoneer. You should never share your payment platform login details. If you’re wondering: is it safe to give Payoneer my social security number? Make sure you only do so on the official website.
• Scam job offers - If you receive a message or email about a job that seems too good to be true, be cautious, if it claims that you need to create a Payoneer account to be considered, this could be a red flag. It may be a sign of a scam.
• Fake payment requests -An increasingly common scam in recent years is that of fake payment requests and invoices. In this type of scam, you’ll receive an email with a payment request or invoice from a company like Apple. They can seem legitimate as they come through a payment service like Payoneer. Be on the lookout for unusual payment requests and invoices that you don’t recognize.

Best Practices for Account Security

To keep your Payoneer account secure, it’s important to avoid untrustworthy networks when you login. For example, if you try to access your account using a public unprotected Wi-Fi network at a mall, you might put your account at risk.

It’s also advisable to regularly check your account. This is to not only reconcile transactions you may have made or received but so that you can make sure there hasn’t been any fraudulent activity. Specifically, look for payments made or received that you don’t remember, or to businesses or people that you don’t recognize.

Once you’ve created a password for your Payoneer account, keep it somewhere safe, and don’t share it with anyone. It’s also recommended that you set up two-factor authentication so there’s much less risk of malicious actors reaching your account.

Discover Wise Business: An Easy Way to Send and Receive International Payments

Like Payoneer, Wise is a secure payment platform. With Wise, you can handle international transactions with ease. It allows you to send and receive payments like a local with currency account details.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

With a Wise Business account, you can enjoy secure transactions and:

• No monthly fees
• International payments at the mid-market rate
• QuickBooks integration to track bill payments
• Multiple currency management in one place
• The ability to receive payments like a local with major currency account details
• More than 40 currencies held in your account

Register with Wise Business 🚀

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

	Author:
	Sam is a UK-based copywriter with 4+ years of experience writing for SaaS and eCommerce brands. He creates comparison guides, informative blog posts, and covers other finance-based topics.