Are you stingy with your money?

How we’ve made your PiggyVest account even more secure with 2FA.

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At PiggyVest, security is our number one priority.

Since inception in 2016, we implemented a robust algorithm that flags customers for engaging in suspicious activities.

Some of the things we ensure are:

  • Users can’t use the same debit cards on 2 different PiggyVest accounts — this means we are able to account for one user per time and no one person’s debit card is used elsewhere without their notice.
  • Users can’t add the same BVN to 2 different PiggyVest accounts — this borders on identification theft and we ensure this never happens.

How do we protect you from fraud?

Prior to enabling an extra layer of security with 2FA, we had (and still have) a rigorous KYC/identity process.

You could only withdraw to an account whose BVN and full account name matches the one registered on your Piggyvest account, and you have to provide your password for every withdrawal. For instance, if your name is John Dayo and you tried to add a bank whose name is Halima Chinenye, the account is instantly flagged and all withdrawal access restricted. Now, in addition to the existing protocols, we have added 2FA.

How does 2FA work on PiggyVest?

This works for ONLY withdrawals, transfers and key account changes. By default all Piggyvest accounts are enabled with 2FA, meaning to carry out withdrawals, transfers and other key account activities, you will be prompted to enter an OTP sent to your email or to answer a security question. To set up your security question, login to your PiggyVest account and click Account > Account Settings > 2FA to set up yours.

Tap the orange tab on the page to generate an OTP and then enter your security question and answer. Once this is saved, you will be prompted to enter your security answer when carrying out key account activities such as transfers, withdrawals etc. Your security question and answer should be something that is easy for you to remember but hard for others to guess. Please DO NOT share this with anyone.

What if I can’t generate OTP?

Typically, it’s either your inbox is rejecting emails from us or you registered a wrong email address. Either way, do not hesitate to reach out to us on contact@piggyvest.com or any of our social media channels [Twitter, Instagram] to help with this.

How else do we protect your account?

  1. Face ID: This was implemented in version 4.3. You can set up FaceID and you won’t have to enter your password to gain access to your PiggyVest account.
  2. Hidden Balances: You can also hide the balance on your dashboard. To do this, click “Account” and then toggle that says “Show Dashboard account balances”
  3. Auto Logout: On the login page, you can setup auto logout which ensures you are automatically logged out after 5 minutes of inactivity on the app.

What else can I do?

We recommend you go one step further to protect your email from hackers. Ensure you have enabled 2FA securely on all your emails. This way, you’ll be notified if there’s any suspicious attempt. As a rule of thumb, do not share your password with anyone.

Why do we ask for your debit card and BVN?

The reason we ask for your debit card details and BVN is very simple — to validate that you actually own the card and BVN you’re trying to use, this is to avoid fraudulent activities on our platform. Your card and BVN details are 100% safe with us, as we work directly with a CBN licensed payment processor, paystack.com/security

New to Piggyvest? Find out more about us on our blog.

We are also active on social media: Twitter/Instagram@piggybankNG (both accounts are verified).

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