Fraud Prevention

Effective Date: Dec 21st, 2024

At SpendShift, protecting your account and transactions from fraud is a top priority. This guide explains how we help prevent fraud, steps you can take to protect yourself, and how to report suspicious activity. Together, we can safeguard your financial information and peace of mind.

1. How SpendShift Prevents Fraud

We implement robust measures to detect and prevent fraudulent activity on our platform:

• Real-Time Monitoring

  • We monitor transactions and account activity 24/7 for unusual or suspicious patterns.

  • Automated systems flag high-risk activities, such as large withdrawals or login attempts from unfamiliar locations.

• Multi-Factor Authentication (MFA)

  • MFA adds an extra layer of protection by requiring verification (e.g., a code sent to your phone) in addition to your password.

• Encryption and Secure Transactions

  • Your data is encrypted during transmission and storage, protecting it from unauthorized access.

  • Transactions are secured using advanced encryption protocols.

• Fraud Alerts

  • You will be notified of account changes, such as password updates or unusual spending activity, to help you respond quickly.

• Regular Security Audits

  • Our systems undergo regular testing and audits to ensure compliance with the latest security standards.

2. How You Can Protect Yourself

You play a critical role in preventing fraud. Follow these best practices to keep your account secure:

• Safeguard Your Account

  • Use a strong, unique password for your SpendShift account and update it regularly.

  • Enable multi-factor authentication (MFA) in your account settings.

  • Avoid sharing your login credentials with anyone, including family or friends.

• Monitor Your Account

  • Regularly review your account activity for unauthorized transactions.

  • Set up notifications for savings goal updates or transaction activity.

• Avoid Phishing Scams

  • Be cautious of emails, texts, or calls claiming to be from SpendShift asking for personal information or account details.

  • Always verify the sender’s email address or contact information.

  • SpendShift will never ask for your password or MFA codes.

• Secure Your Devices

  • Install antivirus and anti-malware software on your devices.

  • Keep your operating system, browser, and SpendShift app up to date.

• Be Careful with Public Wi-Fi

  • Avoid accessing your SpendShift account or making transactions over unsecured public Wi-Fi networks.

3. Recognizing Fraud

Fraudulent activity can take many forms. Be on the lookout for:

• Unauthorized Transactions: Charges or withdrawals you didn’t initiate.

• Phishing Attempts: Emails or messages asking for sensitive information.

• Account Takeover Attempts: Notifications of unrecognized login attempts or changes to your account settings.

• Scam Offers: Promotions or messages claiming you’ve won a prize or need to pay fees to claim a reward.

4. How to Report Fraud

If you suspect fraud on your SpendShift account, take these steps immediately:

• Secure Your Account

  • Change your password immediately.

  • Enable multi-factor authentication if it’s not already active.

• Contact SpendShift

  • Report the incident to us as soon as possible:

    • Email: contact@spendshift.io

    • In-App Support: Use the Help section in the SpendShift app.

  • Include as much detail as possible, such as:

    • Date and time of suspicious activity.

    • Description of the incident.

    • Any related communications or screenshots.

• Notify Your Bank

  • If the fraud involves your linked bank account or payment method, contact your bank to report the issue and secure your funds.

5. What to Expect After Reporting Fraud

When you report fraud to SpendShift, we will:

• Investigate Promptly:

  • Review the incident and gather necessary evidence.

  • Determine the source and scope of the fraudulent activity.

• Take Immediate Action:

  • Secure your account and prevent further unauthorized access.

  • Work with our partners (e.g., banks, payment processors) to resolve issues.

• Keep You Informed:

  • Provide regular updates about the status of your case.

  • Notify you of any actions you need to take, such as verifying recent transactions.

• Support Recovery:

  • Assist you in recovering funds, if applicable, based on the outcome of our investigation.

6. Fraud Prevention Tools

SpendShift offers tools to help you stay ahead of potential threats:

• Real-Time Notifications: Get alerts for account changes or unusual activity.

• Savings Lock: Temporarily lock withdrawals from your savings goals to prevent unauthorized transfers.

• Account Activity Log: Review your login history and recent actions to spot suspicious behavior.

7. Fraud Protection Guarantee

SpendShift is committed to protecting your funds and personal information. If fraud occurs due to a breach on our platform, we will:

• Cover losses directly caused by our systems.

• Assist you in securing your account and recovering funds.
  

Note: This guarantee does not cover fraud resulting from customer negligence, such as sharing login credentials or failing to secure devices.

8. Ongoing Education

We are dedicated to helping you stay informed about security threats:

• Visit our Help Center for articles on recognizing and preventing fraud.

• Subscribe to our newsletter for updates on security best practices.

9. Updates to This Guide

We may update this Fraud Prevention and Reporting Guide to reflect new threats or changes in our policies. We will notify you of significant updates via email or in-app notifications.

10. Contact Us

If you have questions or need assistance with fraud prevention, please contact us at:

Email: contact@spendshift.io