The increasing use of platforms for buying and selling items between individuals underscores the importance of ensuring secure transactions, according to the Banco de Portugal (BdP), which offers tips to prevent fraud related to the MB WAY service.
“MB WAY is a popular mobile payment solution used on these platforms, allowing instant money transfers or receipts,” explains the banking supervisor, providing advice on avoiding application fraud:
How does it work?
#1 Buyer (fraudster) proposes MB WAY payment
“The buyer responds to your ad for selling a piece of furniture no longer in use. They accept the asking price without requesting additional information about the furniture, its location, or delivery. They propose using MB WAY for payment, offering help with the service.”
#2 If the seller (victim) does not have MB WAY
“The buyer (fraudster) suggests signing up for MB WAY at an ATM. During this process, they direct you to link their phone number, misleadingly presenting it as authorizing a transfer. This gives the fraudster access to your bank account for withdrawals or fund transfers.”
#3 If the seller (victim) has MB WAY
“The buyer (fraudster) requests your phone number to make the payment. However, they use MB WAY’s ‘Request Money’ feature for the item’s price, rather than ‘Send Money.’ The victim receives an MB WAY notification to ‘Send Money.’ If accepted inadvertently, instead of receiving the sale payment, the victim sends money to the buyer’s account.”
How can you protect yourself?
#1 Protect your data
“Do not disclose personal information or documents (like an ID card), which can be misused. Do not share your bank card details, digital access credentials, or operation authentication codes with third parties.”
#2 Avoid advance payment/shipping
“In transactions through designated platforms, prioritize face-to-face transactions or cash-on-delivery shipments. Face-to-face transactions should occur in a public area, allowing the buyer to inspect the item before payment and the seller to receive payment before delivery.”
#3 Do not trust strangers to enroll in MB WAY
“If you don’t have MB WAY, do not accept help from strangers (including buyers or sellers) for enrollment. Inquire at your bank or learn how to join and use this service correctly.
Remember, when joining MB WAY:
Only associate your phone number. Never link a different number to your bank account when enrolling;
Set a strong six-digit access code. Use a code that is not easy to guess and never share it with anyone;
Install the app through official app stores.”
#4 Do not follow unknown instructions during operations
“Before making or receiving payments, ensure you understand MB WAY features and use the application correctly.
When conducting MB WAY transactions:
Do not link another phone number to your account. Linking a different number grants third-party access to your bank account;
Do not share your code with others. The MB WAY access code is personal and should not be shared, as exposure allows transactions from your account;
Ensure correct feature usage and verify notifications before accepting.”
#5 Report fraudulent situations
“If you fall victim or suspect fraudulent activity, report it immediately to the nearest criminal police authority or the Public Prosecution Service.
Keep and provide relevant data on the fraudulent transaction for filing a complaint.
Also, notify the trading platform for them to investigate the issue.”
The BdP also reminds:
- In case of doubt, do not share personal data;
- Contact your bank or payment service provider immediately if you detect unauthorized movements in your account;
- If you are a fraud victim, report the situation to the closest criminal police authority (PSP, GNR, or PJ) or the Public Prosecution Service.
