At Piggyvest, our cybersecurity team works 24/7 to keep your funds and your data secure, but the strongest defence is a partnership. You are a crucial part of that shield. We recently sat down with our Fraud and Investigation analysts, Oluwasegun Ojumola and Ademiju Fakoya, to get an overview of how they work to keep Piggyvest safe and secure for all users.
In this article, they share 4 of their most essential tips for online safety — the practical steps you can take to work alongside them and keep your Piggyvest account ironclad.
1. Fortify your passwords
Your password is the front door lock to your financial life. A weak one is an open invitation to bad actors. The team insists on moving beyond simple passwords for the sake of convenience.
Here’s their direct advice:
- Use the expert formula. A strong password isn’t just long; it’s unique. The golden rule from the team is to always use a combination of numbers, letters, and special characters. Pay close attention to the password strength criteria you see on our platform when creating a new password. It’s there to guide you.
- Avoid using your personal data. Fraudsters often start by trying easily-guessable information. The team specifically warns against using your date of birth or simple number sequences like “12345” as your password.
- Change your password often. Ademiju strongly recommends getting into the habit of changing your passwords frequently — for instance, every three months.
- Use one password per platform. This is non-negotiable for financial apps. As Ademiju advises, “your password should not be the same on all platforms”. A breach on another, less secure site should never compromise your Piggyvest account.
- Look over your shoulder before typing your password. Yes, really. Avoid inputting your password in public. You never know who might be watching.
- Take care when using biometrics. In an interesting insight, Ademiju expressed less preference for using thumbprints or Face ID for financial apps. Her take: Carefully and privately typing in a strong password can offer a more conscious and secure layer of protection.
Want even more protection? We recommend turning on 2FA in your Piggyvest app settings.
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2. Stay vigilant so you can spot scams like an expert
Awareness is your best tool for deflecting threats before they can do any harm. And even without a degree in Accounting or Economics, you can still spot scams and protect your account from malicious actors.
Here’s what the team wants you to look out for:
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- We will never ask for your password or PIN. Always use the official support channels listed on our website and in the app if you have a complaint or enquiry and want to reach out to the Piggyvest team directly.
- Recognise the signs of phishing. Phishing emails are designed to trick you into giving up your information. Oluwasegun points out several red flags:
- Be wary of unsolicited emails.
- Look for mistakes in grammar and spelling. A common trick is a subtle error in the sender’s address, like using a lowercase ‘l’ to replace an ‘i’ in “P-l-ggyvest” to fool you.
- Question suspicious requests or offers that seem too good to be true, such as unexpected financial gains. As Oluwasegun shared, one user tragically mistook the proceeds of fraud for “answered prayers,” showing how easily psychology can be exploited.
- Don’t fall for social engineering grifts. Fraudsters often pose as customer support agents on social media, especially after you’ve complained publicly on a viral post.
- Shop Safely Online. To avoid scams from online vendors, Oluwasegun advises you to “do your due diligence”. Before you pay, ask yourself:
- Why are the comments on their social media page turned off?
- When was their account created? A brand-new account is a red flag.
- Are there evidence of past customers or reviews of their products and services?
3. Control your digital footprint. Never overshare!
Every piece of information you share online can be used by malicious actors. Controlling your data is a key part of your defence.
- Remember the golden rule of online safety: share less. The team’s most frequent observation is that “people share too much online”.
- Beware of “harmless” social media trends. Be cautious of viral social media trends that ask for personal details like your mother’s maiden name or your birth year. These are often designed to gather answers to common security questions.
- Never share screenshots of your Piggyvest dashboard publicly. Ademiju warns that no matter how harmless, you could be unknowingly exposing sensitive information that makes you a target for fraudsters.
Better to be invisible online than to offer yourself as a target to unsavoury actors.
4. Move quickly if you suspect your Piggyvest account is compromised
Your speed of action is the single most important factor if you suspect your account is compromised. You should also move quickly if you suspect that an account associated with your Piggyvest account has been affected, like in the recent data breach that affected 16 billion accounts.
Here’s what you should do if you assume that your Piggyvest account has been compromised in any way:
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- Report It Immediately. If you notice any suspicious activity, contact Piggyvest support through official channels without delay. As the team stresses, “money moves very, very quickly”. The faster you report an issue, the higher the chance our team has to trace and recover the funds. Prompt reporting has led to 100% recoveries in the past.
- Take further action. If you get an alert for a login you don’t recognise or suspect an attempt, change your password instantly. This simple step can lock out an intruder before they can act.
When you report an issue, our support team will act immediately to restrict the account to prevent further unauthorised activity. They will then escalate the case to the cybersecurity team for a full investigation.
You are our strongest ally.
Your security is a partnership. By implementing these tips from our expert cybersecurity team, you are actively helping us protect your account. As Oluwasegun says, the easiest way users can support the work we do is by “being fraud aware themselves”. Stay aware, stay vigilant, and stay safe.
And remember: your money is safe with Piggyvest!
