Useful Partner information

Silvergate Technologies Limited

User Awareness Tips

Dear BigWallet Customer,

We at Silvergate Technologies Limited (“BigWallet”) advise you to apply the following security measures, which are not exhaustive and therefore you are encouraged to take all reasonable steps to avoid improper, insecure, fraudulent and illegal use of the BigWallet’s services, products and infrastructure.

Awareness and Education for Online Payments Security

Cybercriminal attacks on individuals are at an all-time high and the perpetrators are becoming more sophisticated all the time so it is important to be aware of the threats and to approach anything on the internet that involves your identity or account numbers with caution. Cyber criminals have done an impressive job of creating fake websites that mimic legitimate sites in order to steal confidential information. It is an ugly truth that a large amount of identity theft and fraud is committed by family members and friends or acquaintances of victims who, because of these relationships, have relatively easy access to account numbers and passwords saved on computers.

BigWallet employs strict security measures to help keep your merchant accounts safe from would-be thieves, but there are a few things you can and should do to help ensure that criminals do not get their hands on your online banking information by compromising your computers or other devices. This information is relevant to all of your online financial and personal information with us and with other banks, businesses, and websites.

Social Networking Risks

Fraudsters have become adept at breaking into password-protected accounts by using information that some individuals readily provide to social networking sites such as favorite books, favorite foods, city of birth, etc. in order to fake their way through password reset processes and secondary verification systems. Think carefully before making any personal information publicly available, as most of it is very useful to an identity thief. Choose challenge questions carefully to avoid using information that could be obtained by identity thieves or readily guessed by a person with a basic knowledge about the target they are attempting to impersonate.

Password Security

It is difficult for online systems to differentiate a legitimate user from a malicious user who has obtained a legitimate user’s password. For this reason, it is essential that users keep their passwords private and immediately report any suspected security violations. Below is a list of some common password choices to avoid:

  • Your name, or a family member or pet’s name
  • Social security number or equivalent, account or telephone numbers
  • Any part of your physical address
  • Anybody’s birth date
  • Other information that is easily obtained about the user
  • A word in the English or any foreign dictionary, even spelled backwards
  • A password used on another site”

Glossary of terms commonly used in discussions of this type of threat:

Phishing - Phishing is a common technique used by criminals to send emails requesting your password, bank details or other personal data. General characteristics of these types of emails:

(i) create the sense of urgency, (ii) contain grammatical mistakes, bad spelling, awkward language, missing words, (iii) include instructions to click on attachments, (iv) have the same template as the emails you receive from BigWallet, (v) contain a link to a website similar to BigWallet’s website/ interface, therefore by log-in / clicking they can steal your data etc. If you consider that an email is unsafe, please contact us first. During our regular communication, we will never request for confidential information (i.e. password, PIN).

Malicious software - Malicious software can have the form of a virus installed on your PC without your approval and awareness that can steal your personal information (i.e. password / login credentials).

Vishing - If you receive a phone by someone pretending to be an employee of BigWallet / associate of BigWallet or an automated voice giving you instructions and requesting private information stating that there was an unusual activity detected on your account, then this might be a fraudster trying to steal information. During our regular communication, we will never request for confidential information (i.e. password, PIN) over the phone.

Smishing - If you receive text messages requesting your immediate attention and containing URL or phone number, avoid responding. Smishing messages might request you to call to a phone number that has an automated voice response; usually the actual phone number is not displayed or shown a code.


Chargebacks

A Chargeback is when a cardholder claims an official refund from their issuing bank. This can happen in a variety of events, when a cardholder is unhappy with a certain purchase or when they don’t recognize a certain transaction on their card statement. It can also happen by mistake when a cardholder unintentionally places the same order several times.

In chargeback cases a cardholder always has the right to dispute a transaction by providing sufficient convincing evidence. The issuing bank then immediately refunds the amount from merchant account back to the customer and launches an investigation to decide which party is entitled for the chargeback amount. This process can often take time.

Chargeback limits are set by card issuers. Currently Visa Europe and MasterCard International have the following limits that every online business should not exceed:
VISA Europe - 1% of transactions.
Mastercard International - 1.5% of transactions

A Merchant can limit the case of chargebacks by providing clear descriptions of goods and services provided, displaying a clear price breakdown on checkout (delivery times and prices included) and generally by communicating their services and policies clearly to the consumer. At the same time an online merchant should take all necessary steps to protect themselves against unwarranted payment card fraud.

At Bigwallet we work diligently in advising merchants of the best practises to follow in order to limit chargebacks and assist them in professionally handling such cases when they arise.