Security is paramount when it comes to our financial life and details. You might be wondering: Is Purpl secure? The answer is YES! Purpl takes your financial security very seriously and implements several measures to keep your money and transactions safe. Here’s a breakdown of some key features that ensure security with Purpl:
Purpl is licensed by the Central Bank of Lebanon
Purpl operates under a license from the Central Bank of Lebanon Decision No 28/5/23 date 1/2/2023 ensuring that Purpl adheres to strict regulatory guidelines and constant audit. The Central Bank of Lebanon’s role goes beyond just granting a license, but also involves ongoing oversight and enforcing regulations that safeguard consumer financial security. These guidelines are designed to protect users by ensuring that financial institutions like Purpl maintain adequate capital reserves, comply with anti-money laundering regulations, and implement robust security protocols.
We follow the latest security technologies
Cutting-Edge Encryption
We understand the importance of safeguarding your sensitive financial information. We utilize state-of-the-art encryption technology to create a secure shield around your data. When you use Purpl, your information is encrypted using industry-standard technology; your data is scrambled making it unreadable to anyone who shouldn’t see it. The encryption strength used by Purpl is on par with what major banks and financial institutions rely on. Moreover, encryption is also applied during transmission, while your data is being sent back and forth during transactions.
Two-factor Authentication
Purpl has developed secure two-factor authentication and verification processes. When users sign up, they provide an email and a phone number which are both verified through a unique code sent to your email and phone number respectively. In additional, if someone tries to log in to your account using your passcode, they wont be able to log in without the unique code sent to your email. This process blocks any attempt of unauthorized access in case you ever lose your mobile, or someone else is trying to access your account.
6 Digits Security Code
Everytime you initiate a cash out request through the Purpl app, a unique, 6-digit security code will be generated specifically for that transaction. This code is not predefined nor reusable significantly reducing the risk of unauthorized access to your funds. This security code is only available for one hour which ensures a balance between convenience and security. The uniqueness and short validity period minimizes the window of opportunity for anyone who might gain unauthorized access to the code.
Biometric Identity Verification
Biometric identity verification processes ensure that you are who you claim to be. Upon sign up, you will go through the KYC (Know-Your-Customer) process: you will be required to take a real-time selfie and scan a government-issued ID. This helps prevent identity theft and fraud.
On top of that, Purpl provides you with biometric log in on your app. Biometric log ins are usually faster and easier than remembering complex combination passwords and also more secure since biometric data is unique to each individual and very hard to forge or replicate.
We Enforce Regulatory Compliance and Fraud Prevention Measures
Compliance and fraud prevention measures are the cornerstones of a secure and trustworthy financial platform. Purpl operates within a framework of regulations designed to protect users and prevent financial crime and identity theft. By implementing robust regulations, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, Purpl deters fraudulent activity and safeguards user data.
Keeping Yourself Secure
While Purpl prioritizes security, it’s important to remember that online safety is a two-way street! Here are some additional tips to keep your Purpl account secure:
- Secure access to your phone and email before download Purpl
- Use a secured internet connection
- Create a unique passcode (avoid birthdays and easily guessed numbers) and don’t share it with anyone
- Never share your security code with anyone
Conclusion
In conclusion, Purpl doesn’t just offer a convenient digital platform; it prioritizes security at every level. By implementing biometric identity verification, enforcing regulatory compliance, and utilizing advanced fraud prevention measures, Purpl empowers you to manage your finances with confidence. Purpl provides a secure and reliable environment where your data and finances are protected. So, experience the future of finance with peace of mind – choose Purpl for a safe and secure financial experience.
Written by: Mayssa Abillama
