MB Way is a secure payment method, but there are some precautions you should consider, advises DECO PROTeste.
“The risks of using MB Way for payments are akin to using a debit card. In practice, you are not sharing your banking details with the merchant, and any transaction is only authorized upon entering a PIN code,” DECO PROTeste explains.
Do Not Share Your PIN
“There are precautions you should take into account. The PIN set for the application is personal and non-transferable, and should not be shared with anyone: it is to the app what the secret code is to a bank card,” recommends the consumer protection organization.
If you adhere to this point, “MB Way is a secure payment method.”
“Transactions are processed by SIBS – the entity responsible for managing the Multibanco network – and all communications are carried out using the secure HTTPS communication system,” the organization points out.
What If Someone Accesses Your Phone?
“In the event someone gains access to your phone and the MB Way code, there is a second line of protection. If the phone’s lock feature is activated, it can prevent (or at least hinder) access to the app. The app itself can be locked and only operate after the user enters the lock code,” DECO PROTeste explains.
Beware of Scams!
Furthermore, “Despite everything, there are cases of scams using MB Way, especially on websites for buying and selling used items.”
“For payments in this context, note: to receive money via MB Way, only your phone contact is needed. Any additional information requested should lead you to suspend the contact. Similarly, to make a payment through the app, only the recipient’s phone number is required,” advises DECO PROTeste, reminding users that “the app only allows transactions between users, so if you don’t have MB Way, there is no way to receive payments through it.”
The organization also recommends not associating your bank account with phone contacts other than your own, as it would give access to your money to third parties.
