With more than 5 million active users around the globe moving billions of dollars, Payoneer is a trusted transaction service. Since Payoneer is a financial service provider, they often ask for security papers like ID and Passport. Hence, Payoneer sometimes even requires your SSN for verification.
At that situation, you might be wondering, is it safe to give Payoneer my social security number? Is it worth sharing such confidential data with Payoneer? Well, the answer is Yes, it’s completely safe to share your SSN with Payoneer. You’re not only backed up with Payoneer’s strong encryption, but also the law.
Want to know how Payoneer keeps you safe and when it’s dangerous to provide your SSN? Here are what you need to know:
Is Payoneer Safe To Use?
Simply put, Payoneer has been around for over 15 years, doing business in 200+ countries, supporting 150+ currencies. It’s one of the most popular and trusted payment option with no record of getting hacked into.
Well, you might have heard people saying they’ve got scammed or hacked into, but that’s not Payoneer, it’s their own mistakes. Like other payment options, scammers also target Payoneer customers to hack into and steal their money.
Scammers often use phishing emails to take over the account of the user. However, if you take precautionary steps and click on links carefully, things can be real safe. The takeaway is, Payoneer is highly secure to transfer your money and to give your data.
What Personal Data Payoneer Collects?
Although Payoneer is well reputed for their security and privacy, it’s your right to know what you’re sharing with them. Here are the personal data they’ll collect from you and from third party affiliates after getting your verified Payoneer account:
- Your personal identifiers like your name, email, phone, photo, address, IP, date of birth, etc.
- Relevant financial information like your bank or card info, details and history of credit history.
- The relevant internet activities of you, including your IP address using cookies
- If you represent a business, they collect every commercial information about your business.
- Geographical location and the related data, such as your area, country, and major movements.
- Information related to your profession or employment (you may need to submit papers).
- Biometric data (in the ‘selfie’ form, as they call it) which falls under that special category of data.
Don’t forget to go through the privacy policies and Payoneer rules before you start your transactions.
Is It Safe To Give Payoneer My Social Security Number?
Now for the fun part of the discussion, is it safe to give Payoneer my social security number? Are they trusted enough to provide your social security card number or national Identification number? The answer is Yes, Payoneer is essentially well secure as a private entity to share your data with. Here are few things to know about Payoneer asking for security identifications:
Why Payoneer asks for your Social Security Number (SSN)?
Since Payoneer works as an intermediate transaction service, so they have to be compliant with the government. They’re working in 200+ countries, and every country has a distinct way to track its citizens’ tax information.
If you’re a USA citizen, the government keeps tracks of your financial holdings and tax info using your SSN. Therefore, Payoneer asks you for your SSN so that they can comply with the USA government.
On the flip side, if you’re not a USA citizen, and your government doesn’t provide an SSN, you’ll provide ID. Payoneer will provide your transaction data to the government along with your national ID that your government uses for tracking.
How Payoneer handles your data?
The reason being, they’ve clearly stated that they don’t sell any of your personal information. And we’ve already talked about what kind of personal information they usually collect and ask for.
Once Payoneer has your data on their hand, they may store it on their server, or third party cloud servers. They use SSL technology to keep all your credentials secure as you do transactions or log into your account.
Can You Get Scammed on Payoneer?
Getting scammed on Payoneer is pretty common news to hear on the internet. However, if you pay close attention, none of them are associated with a breach into Payoneer’s server. It’s mostly the victims themselves who get hacked into because of a phishing email or losing the login credentials accidentally.
So, if you’re wondering if you can get scammed on Payoneer, the answer would be yes. It’s the third party scammers that Payoneer has nothing to do with. To prevent accidental breaches, Payoneer has 2-steps authentication system. A common way of spammy email is regarding Payoneer buyer protection, beware of that.
Tips To Be Safe On Payoneer
Being safe while using Payoneer can be an easy job since Payoneer has a good security on their end. All you need to do is, keeping things secure from your end, and everything will be just fine. Here are a few safety tips that will keep you safe from scammers after completing Payoneer verification:
- Turn on the 2-step verification system on login, which will give you a great manual security of your account.
- Beware of account takeover that scammers often do with fishing links, Credential stuffing, or social engineering.
- Suspect every email notifications you get regarding or from Payoneer and check the email address and the associated links in it.
- Keep track of your balance to every penny on your Payoneer account, and report immediately even a penny goes undone.
- Use only a secure device when you’re logging into your Payoneer account, and don’t connect the device to a public wifi.
- Never share your credentials with anybody, never put them in an easy accessible place such as your unprotected PC or phone.
- Know the all the security features Payoneer has to offer, and let their customer service rep know whenever you suspect a fraudulent activity.
Payoneer being one of the most trusted payment solutions in the world, they’re operating with a robust reputation for security. If you’re a citizen of the USA, and wondering if is it safe to give Payoneer my social security number, no worries. They’re asking for it only to comply with the US government.
For security, Payoneer is completely safe to trust. Unless you’re losing your information provided to Payoneer beforehand, you’re safe after you log into your account. All your transactions and personal data are stored securely on Payoneer’s server.