October is National Cyber Security Awareness Month, so this month we’ll be featuring blogs that focus on keeping your online information protected. For more information visit http://www.staysafeonline.org/ncsam and keep checking the Payza blog for tips on keeping your important data secure.
At Payza we’re big on security. We want to make sure that all of our members feel safe and secure when using our platform to send and receive money, and manage their business online. One of the ways that we ensure the security of your transactions is by requiring each of our members to create a Transaction PIN.
What exactly is a Transaction PIN and why is it so important?
A Transaction PIN is a 4-8 digit numeric code that you will use every time you want to send money, withdraw money, make a payment, add funds or close your account.
It’s important to note that a Transaction PIN is different from a login password. Your login password is for logging in to your Payza profile, but your Transaction PIN is for approving transactions.
The reason why we require our members to create a Transaction PIN is to ensure that only you can approve transactions in which money enters or leaves your account. Simply put, your Transaction PIN acts as an extra layer of security that prevents others from compromising your account and the money stored in it.
Payza will never ask you for your Transaction PIN in an email or on the login page. If you are asked to provide your Transaction PIN outside of the Payza members area, it may be a phishing scam. Read our article about the Citadel Trojan to see why it’s so important to keep your Transaction PIN private.
The only way to reset your Transaction PIN, should you ever forget it, is by answering a security question that you have selected from the list we provide. It is important that you choose a question no one else will know the answer to, and to take care to remember how you recorded your answer as our system is case-sensitive. Find out more about security questions and answers.
When creating or resetting your Transaction PIN, you should follow these guidelines to get the best protection:
- Choose a PIN that’s hard to guess: This means that you shouldn’t use “12345” as your PIN, nor should you use a birthday or another significant date that someone else can guess. If someone discovers your login password, your Transaction PIN will still prevent them from moving your money around. So, it’s important to create a PIN of random numbers that only you will know. And the longer the PIN, the harder it will be to guess: for example, “6545” is easier to guess than “84537255”.
- Keep your PIN private: It’s just good practice to keep your PIN to yourself because sharing it can lead to all sorts of problems. If someone knows your PIN they can make transactions in your account with your money. They could also alter important personal information in your account.
- Memorize your PIN: If you record this number anywhere, then someone might come across it and may be able to initiate transactions your Payza account without your consent. That’s why it’s always a good idea to create a PIN you will know and then commit it to memory.
- Use a different PIN than the one you use for your debit/credit card: It’s important to always use a different PIN to make it difficult for fraudsters to access multiple accounts that store your money and personal information.
- Reset it every 3-6 months: We recommend doing this to give yourself even more protection. It will become increasingly difficult for someone to guess your Transaction PIN if you reset it regularly.
Remember, if you ever need to reset your Transaction PIN, you’ll need to answer the security questions you created when setting up your Payza account. If you forget the answers to your security questions, just contact Customer Support for assistance. We’re happy to help in any way we can.