About Genome

Security of Genome’s services and clients’ data

Security of Genome’s services and clients’ data
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The security of our financial services entails that Genome implements all the tools and regulations necessary to protect our clients' data from data breaches, unauthorized transactions, and fraud. However, clients must also be aware of how they can ensure their data's security when they use Genome’s services.

The combination of Genome's efforts and the client's awareness of potential risks when it comes to security establishes a safe environment for clients to perform financial operations. Otherwise, malicious actors can access your financial and personal data. It may lead to financial losses and misuse of your data, i.e., malicious entities using your personal details to log into other websites, applications, and programs you use, etc.

On this page, Genome will provide essential information and advice our clients can use to protect their personal data before and during the usage of Genome's payment methods and services.

Regular usage of Genome’s services

Genome is an Electronic Money Institution licensed and supervised by the Bank of Lithuania. We operate entirely online, thus, our clients can access Genome’s web version via their computers, laptops, phones, and tablets or download the Genome app on their phones/tablets.

Either way, clients must ensure that their access to Genome during registration and all the subsequent logins is secure to protect their data. It is how it can be achieved:

  1. The internet connection must be secure when you access my.genome.eu via browser or the app. Please refrain from using public Wi-Fi, as it may use unencrypted networks and be prone to hacking attacks;

  2. Ensure that the personal computers, laptops, smartphones, tablets, and other devices that you use to log into Genome are duly protected with antivirus or other security software;

  3. Please install all the latest available versions of operating systems and software on your devices. Note that all the devices must be protected by passwords and, if possible, additional authentication methods ( such as biometrics, smart cards, tokens, etc.). It is necessary to prevent their use by other people without the owner's knowledge;

  4. When you sign up into my.genome.eu for the first time, please come up with a strong password that contains upper- and lower-case letters, numbers, and special symbols. It must consist of at least 8 characters. The longer it is - the better. Make sure the password is unique and is not used for any other apps, programs, or websites;

  5. Don’t share your password with anybody else;

  6. Don’t store your password in written form or inside your computer, where it can be easily accessed by other people. Instead, memorize it or use a reliable password manager to store it;

  7. Before signing up, it is mandatory that you read through Genome’s Terms of Use and Privacy notice. If you have any questions regarding those, feel free to contact us at support@genome.eu;

  8. Don’t fill out your password or other sensitive financial data in the presence of someone else or in public;

  9. Don’t leave your Genome app or Genome’s website page my.genome.eu unattended when using them;

  10. Genome enables two-factor authentication for all its clients in addition to a password, which comes in the form of mobile app confirmation, OTP, or biometrics. This security measure is in place to prevent malicious third-party logins and other unauthorized actions inside Genome;

  11. Make constant checkups of payments, as Genome's clients have access to the information on incoming and outgoing transfers at all times. Genome's notification center also notifies clients of all the operations completed.

After signing up, our clients start a verification process to open a personal/business wallet. During the said process, they need to fill out personal and business information and provide some documents to confirm their identity, source of funds, and other data.

Genome needs said procedures in place to eliminate risks of potential fraudsters and malicious actors using our platform. All the data is collected and processed in a safe manner, as Genome complies with GDPR, PCI DSS, and PSD2. We ask our clients to carefully fill out all the information required to avoid mistakes and delays in account opening.

Also, during the process, clients undergo video identity verification with the help of Onfido - an AI-powered digital identity solution. Please make sure that you are alone and that nothing obstructs your face in the course of the video identification.

How to securely send money transfers inside Genome

Personal and business wallet users can use Genome for money transfer purposes. All the outgoing transfers are protected with two-factor authentication to ensure that the wallet user is the one who authorizes them.

However, some safety precautions need to be taken into account to avoid potential fraud or problems with a money transfer:

  1. Do not send money to a natural or legal person that you do not know or have doubts about the beneficiary’s good faith. Double-check the beneficiary’s information;

  2. Track all your outgoing transfers regularly. Set transfer limits - it will restrict transferring large sums if a malicious actor gets a hold of your account. If you find an unfamiliar transfer or a transfer amount that doesn’t correspond with the amount you have sent - contact us immediately;

  3. Make sure to only confirm the transactions that you ordered.

How to securely order and use Genome’s cards

Inside Genome, you can order virtual and physical Visa cards for individual and corporate purposes. To do so in a safe way, please follow Genome's recommendations provided below.

The secure usage of Genome’s cards:

  1. Keep your Genome card, its PIN, CVV2 code, and other card details safe and secret. Do not write down, store, disclose, or reveal PIN and other details of your card to anyone;

  2. Obscure or otherwise protect the entering of PIN to your Genome card at ATMs and POS terminals. Choose a different ATM if somebody is watching you;

  3. Do not forget to take your card and cash from the ATM. Block your card immediately if the ATM does not return it to you. You can block the card via the Genome user portal or the mobile app. Notify us of the situation. If you are not able to block the card for any reason, contact us immediately by calling +37052141409 or using any other contact tools which we make available to you;

  4. Do not provide your card details over the phone, in text messages, social media messages, or by email to anyone. Consider all requests to do so as suspicious. Do not respond to such requests. Genome never contacts cardholders over the phone, in messages, or by email requesting Genome card details. We may only ask you about the last four (4) digits of your card to recognize the card in our system. If you have doubts regarding the request's legitimacy, contact us immediately;

  5. Use your card for purchases only on trusted, reputable, and secured websites, online stores, and mobile applications. Always check whether the website where you are shopping is secure, i.e., check that the website address begins with https:// and that there is a locked lock or unbroken key in your browser bar. It is recommended to make payments on websites that use full authentication (Verified by Visa / MasterCard Secure Code);

  6. Check the terms and conditions, privacy and refund policies, as well as the address and other contact details of a merchant before making a transaction. Pay special attention to the currency of the transaction, currency conversion rules, applicable taxes, and delivery costs. Do not proceed with payment if you do not agree or are not comfortable with those documents;

  7. Where you signed up for recurring charges, check the way you can cancel the service and stop the charges. Pay attention to the "free trial" terms of service that require your card details;

  8. Check the history of your Genome card transactions regularly. Make sure all transactions you made and the transaction amount corresponds to the receipt amount received by you. Report to us immediately about payments or withdrawals that appeared in the history of your card transactions that you do not recognize, as well as about any unauthorized, unusual, or suspicious activity with your Genome card;

  9. Contact us immediately once you find out that your Genome card or card data is lost, stolen, misappropriated, used without authorization, or otherwise compromised.

The most common fraud schemes

To be better prepared for potential security risks, we advise that our clients read through the list of the most common fraud schemes below:

It occurs when a fraudster attaches a device to an ATM that reads the magnetic stripe of banking cards and PIN codes. In such a case, scammers will replicate the card using the information they obtained to steal money.

To avoid such a scheme, make sure to always check that there is no additional keypad on top of the ATM's keypad, no card skimmer installed in the card slot of the ATM, and no additional camera directed at the ATM that can skim or capture your PIN and other card details.

This fraud type refers to criminal activity when a fraudster uses compromised or stolen banking cards. Usually, scammers try to make online purchases or money transfers to their accounts or other operations that do not require the physical presence of the actual card owner.

Clients must be cautious and can prevent their card/card data from being stolen. They need to ensure that they don't leave their cards unattended in public places and don't share their card data with anyone. Two-factor authentication must be in place for all card-not-present transactions. Also, it is essential to regularly monitor your transaction history to detect suspicious operations that a card owner doesn't recall. Follow the notifications regarding card transactions. If your card got lost/stolen, or you suspect that someone has obtained your card data, you need to immediately contact the support team and block your card.

Learn more about the ways you can prevent card-not-present fraud in Genome's article on the topic.

In this case, malicious actors try to defraud personal information to access personal and financial accounts or steal financial data using deceptive tactics. Fraudsters that use phishing usually assume someone else's identity or operate under the guise of popular websites, especially e-commerce ones.

During phishing, scammers operate via emails - they may try to fish out personal information by asking a person to reply or implement a "click on a link" email spam, so a person will download malware. There are also two other types of phishing - smishing (SMS phishing) and vishing (voice phishing). With the former, fraudsters contact their targets via text messages and messenger apps, and with the latter - via phone calls and voice messages.

To avoid this type of fraud, you need to ignore all emails, messages, and calls from unknown sources. Be careful when opening emails, texts, or receiving phone calls - don't rush into things. Do not open attachments and links from unknown sources or sources you do not recognize. Do not enter your Genome card details on webpages you are redirected to following such links, even if they look like the Genome website. Never share personal or financial details, passwords, or other credentials via email, phone, or messages. Install antimalware and antivirus software on your devices.

It occurs when a fraudster tricks someone into wiring money into their account. It is also known as authorized push payment fraud. Scammers often pose as bank employees and tax officials to trick people. A person may also receive a letter with a fake payment request that looks legitimate, even to the business email.

One of the basic rules for dealing with such scams is to refrain from sending funds to anyone you don't know and cannot confirm their identity. If the request comes from someone you know, verify their identity. And, as in the case of phishing schemes, do not share personal, financial information, or account credentials with a person requesting a wire transfer.

Learn more about fraud prevention practices and best tips noted in a dedicated article on the topic.

This fraudulent scheme occurs when a fraudster gains access to user accounts of individuals and companies to steal sensitive data or money. Often this happens when stolen credentials are used. Thieves change the login, password, and contact information to lock the owner out of their account. When it comes to bank account takeover, In most cases, malicious actors transfer money to other accounts, make fraudulent payments, and try opening a credit line in the victim's name.

The account takeovers can be prevented if the account user takes safety precautions regarding passwords and credentials. To do so, a person must use strong passwords that contain upper, lower case letters, numbers, and special symbols. Each password must be unique for every account, and you should change them regularly - once every 1 to 3 months. Don't share your credentials with anyone or store them inside your computer, phone, or other device. If you have become a victim of an account takeover, you need to notify the support team immediately.

In such fraud cases, malicious actors target people that seek socialization and romantic relationships. They primarily communicate with their victims via social media and messages and assume another person’s identity. The fraudsters’ goal is to instill a sense of trust into a person they communicate with, so they can manipulate the individual into sending them money.

How you can recognize potential romance scammers: they will be very lively, engaging in conversation with their target at any chance. They will actively appeal to their target’s interests and beliefs to establish a more profound sense of connection between them. They are very likely to profess their “romantic feelings” towards the fraud victim early on during messaging. Once a scammer feels that they gained the victim’s trust, they will ask for a funds transfer. When doing so, they will usually lie that they urgently need money because of the emergency.

This type of fraud occurs when malicious actors assume the identity of a loan firm to illegally obtain funds. The scammers try to trick individuals and companies into getting a loan of any kind and will offer lucrative deals and rush their victims into the process. Typically, they will ask for a payment in advance before the deal is even concluded. Once fraudsters receive the money transfer, they vanish.

To avoid loan fraud, individuals and businesses must ignore emails and messages from companies that offer loans and duly check the authenticity of a business they want to lend money from - it must have all the necessary licenses and registrations, legitimate name, address, website, and other data. You need to carefully read through the terms and conditions, as well as documents, before signing them.

This fraudulent scheme shares many similarities with phishing scams. A person will receive a text/email/phone call about winning a lottery or a prize, even though they didn't participate in any giveaways. Using this pretense, scammers will either send a link or request personal information. If the individual clicks a link, they risk downloading malware. And if they give away personal information, the malicious actors will use it to log into a person's accounts and steal data and funds.

If you get notified that you have won anything - be skeptical and do not click on any links or attached files. It is also crucial that you don't provide any information or financial data.

Fraudsters will email someone, claiming that this person inherited a lot of money or other prized possessions from a distant relative. Scammers then will require a “small fee” for their services, for instance, to cover notary expenses, etc. Once an individual pays the said “fee,” malicious actors disappear, and a person, predictably, does not inherit anything.

Such fraudulent emails create a highly unlikely scenario, so most people are likely to ignore them altogether. If you receive an email notifying you about inheritance, be skeptical. Do not click any links, download any attachments, or share any information with scammers.

In the case of this fraud type, malicious entities contact their victims and offer to invest in stocks, property, cryptocurrency, etc., to fish out their funds. This scam is more elaborate, as fraudsters will usually create websites and presentations about how much money a person can get by investing. Of course, the information on these websites and presentations is fake and blown out of proportion to make the investment deal more lucrative. Scammers will try to call and text their targets as often as possible and aggressively market their investment product. Their goal is to pressure people into making money transfers, after which fraudsters disappear.

To protect yourself from such a scheme, ignore companies that find you first and offer investment opportunities - they may be potential scammers. It’s also easy to recognize fraudsters among investment firms if they aggressively push their product and promise that an individual will get rich in a short period of time. At first, these malicious actors may ask for a small contribution but then start pushing clients to invest more and more.

Remember that a legitimate company that provides investment services must be licensed by the supervisory authority of the country it is registered in. Before dealing with any investment company, a person must first check the jurisdiction it is registered in and verify if the investment company has the permits to provide such services inside the person’s country of residence.