How Safe are Bank Transfers on the Verity App?

Spoiler alert: They’re super safe!

At Verity we know you’d never entrust your hard-earned cash to just anyone, and when it comes to bank transfers, safety is priority number one. So, if you’re wondering how secure it is to transfer money using a bank transfer – we’ve got you covered! That’s why we’ve partnered with MENA’s largest and leading open banking platform, Lean Technologies, to provide you with a safe and swift experience.

Transferring money into your Verity account using bank transfers uses this thing called “open banking”. Let’s dive into why open banking is a secure and convenient way to load your parent account on Verity, and how you can prevent fraud while you’re at it.

What’s “open banking”, anyways?

Picture open banking as your bank’s friendly, secure doorman – letting in only the guests you approve of and keeping the shady characters out. It allows the use of your data to bring you faster payments, reduced paperwork, and much more! 

Through open banking, you can link your bank account to Verity securely, without having to worry about anyone making unauthorized transactions. No one sees your bank account information, and especially not us.And, your bank account isn't constantly linked to Verity. Only when you initiate a transaction, we send a request to your bank which then requires you to go through your bank's security protocols and approve it every single time. With just a few taps, you can load your Verity account and get your account funded instantly. Now that’s what we call speed of light!

How secure is open banking?

Open banking is as secure as it gets. Banks have some of the highest security standards around, and they don’t mess around. The process uses encryption and authentication protocols to ensure that your bank details are never shared directly with Verity. Instead, you give permission for Verity to initiate a transaction through your bank, and your details remain safe behind layers and layers of security. Nothing happens without authenticating your identity or without your approval. 

How to keep your account safe

While Verity and Lean have your back, there are a few things you can do to keep your account extra secure:

1. Use strong passwords: We know you’ve heard it a million times, but “Password123” just doesn’t cut it. Try a mix of upper case, lowercase, numbers, and symbols for a password.
2. Don’t share OTPs: NEVER share your OTP that come as an SMS, an email, or through the Verity app with anyone – not even us! We wouldn’t ask for it, ever.
3. Watch for phishing scams: If you ever get a suspicious email or message asking for your details, steer clear! Verity will never ask you for your password, PIN, or OTP. 
4. Monitor transactions: Regularly check your transaction history for anything fishy. If something looks off, notify us through the number on the back of your card and through customer support.

The bottom line

Open banking is one of two safe, secure, and oh-so-convenient ways to transfer funds into your Verity account (in addition to instant card funding options). With bank-level encryption and the best security measures in place, you can rest easy knowing your money – and your family’s financial future – is in good hands.

About Lean Technologies

Lean Technologies is the only regulated open banking platform in both the UAE and KSA, which means that the company has strict regulatory oversight to use customer data ethically and transparently. Lean Technologies does not store any of your data and your money is never touched unless explicit instructions are given by yourself – and even then, Lean Technologies uses two-factor authentication. They have processed hundreds of millions of dollars in volume, and their products are connected across thousands of accounts.

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