With the development of online payment platforms, companies are struggling to match up to their competitors and emerge on top.
It is in this regard that they tend to offer services that cater to the most individuals.
By doing this, they can increase their services’ customer base.
Payoneer being a dominant online payment platform is subject to multiple attempts by scammers to infiltrate the system and get away with presumably large amounts of money.
And given the simple mode of registration and card application, since there it increases the level of fraudulent activities.
The chances of identity theft will since there is no proper channel to verify users.
Provided one has a copy of an identification card, they can use another person’s details to register and use Payoneer.
There are no verification procedures to confirm whether a new user is genuine or not.
Because of this, there is an increase in the number of people who are registering for Payoneer and obtaining cards using other people details and then selling them.
The fraudsters get lost identification documents from areas known for having lost and found items, and at times through forgery by Photoshop and other applications.
It puts one at risk since someone out there has taken charge and used their personal information to make money illegally.
Once they have registered for a Payoneer account, it becomes very easy to obtain the card.Payoneer will request the person’s shipping address, and then they ship the card to them.
The process is very simple, and registration takes as little as one day.
If they suspect any suspicious activities, you will be prone to more processes of scrutiny that happen to be just as easy to pass.Then the process of having the card shipped to you takes about one month.
Now, what triggers mass acquisition of cards is the fact that there is a $25USD reward for anyone who referred a friend or colleague.
At the end of registration, there is a referral link on the right side of the homepage.
They can send it to whoever they wish, and when the other party has registered for Payoneer, they get their tip.
So, because of the $25 bonus given after a person has registered through Payoneer, the company’s service is indirectly encouraging identity theft to a greater extent.
Because of this, a person interested in making too much money ends up creating multiple emails accounts, acquiring multiple phone numbers, and getting fake addresses for the sole purpose of getting the $25 per referral.
So the same principle applies: the more you refer and join using your link, the more you earn as a result of introducing one to the platform.
A lot of people are trying to see if they can do the same thing with Payoneer as they can with PayPal.
But as of now, it is not likelysince not as many people are aware of it as in the case of PayPal.
The fact that it is a free registration makes applying for a Payoneer card more convenient for folks out there to try to use the system to their advantage.
So what do they do with all of the cards that they’ve accumulated? You guessed it – they turn around and sell it for about $50USD depending on the parties involved.
For people who have never used Payoneer and encounter these cons, they will be persuaded to think that there is some cost incurred in the acquisition of the card such as shipping or card fees.
This is logical considering the fact that most financial institutions collect fees upon acquisition of cards, one may think the same happens with Payoneer.
The service charge is a very small fraction of what is transacted, and is perhaps cheaper than PayPal.
It also gives the buyer an option of whether they wish to pay for the transaction cost or whether it is the seller who will cater for it.
Though seemingly straight forward, the $25 bonus is not as simple to get as the company would have you believe.
You will need to facilitate a minimum of $100 of transactions for your account to be credited with the $25.
The same will happen to the other folks who used your referral link.
For this reason, every vendor using Payoneer will encourage people to sign up to the platform using his link because of the bonus earned, which also creates a flooded market of competitors in chatrooms and forums.
In some cases, people have reported a negative balance after a withdrawal on their Payoneer accounts.To resolve it, you have to top-offyour account.
If you wish to do away with this, it is very much possible.
Furthermore, people can engage themselves in chargebacks using the platform.
So, in the event you have linked your Payoneer account to your bank account, you can transfer funds back and forth depending on the situation.
As of now, more and more people are finding more hitches to use the system to their advantage by defrauding clients.