For the past years, crypto payouts have been gaining huge attention across businesses in different industries. With digital currencies becoming more and more mainstream, it becomes very important for a business to become aware of the benefits that are associated with these kinds of payouts. This article looks at important methods through which crypto payouts benefit businesses, and why they may be the right choice for your company.
Streamlined Transactions
There is, therefore, a very big plus with regards to crypto payouts, a streamlining of its transactions. Where distance is not an issue, transfers even in the traditional setup are slow and cost money because of the many different people in the middle of the process; with cryptocurrencies, direct transactions between parties are the norm, and so goes the reduction in intermediaries, transferring to lower transaction fees. These can contribute to even quicker and highly effective compensation to employees by businesses.
Lower Transaction Fees
More businesses struggle with transaction fees, especially with bigger and more frequent payments. Almost all kinds of payment have become traditional by including a fee charged by banks and payment processors. In general, crypto payouts bring down transaction fees because fewer middlemen are involved. The aggregate savings, especially for firms that process transactions at high volumes, are likely to be considerable with the decrease in fees.
More Security
Security has to be hallmark in the field of financial transactions. Therefore, the modes of cryptos for payouts in services offered are secure compared to the other methods. Cryptos get to draw from the advantages that come with the integration of blockchain technology, a secure, transparent way of keeping a ledger of transactions. This technology will secure fraudulent activities and unauthorized access, safeguarding monies for businesses and employees in equal measure.
Global Reach
For businesses spanning the globe or going global, crypto payouts have one great edge. Traditional systems of payment can be inhibited by borders and usually have some cumbersome exchange processes. Cryptocurrencies work on a global scale without borderlines and do not require operations switching to several local currencies before making an ultimate payment. This saves businesses the stress of having to transition into making payments to employees, contractors, or suppliers in countries other than its own.
Transparency and Traceability
The financial operations put a huge impact on transparency and traceability. Referring to the mentioned crypto payouts, one of the core benefits is the underlying blockchain technology, which guarantees a transparent and immutable record of a transaction. Being transparent, any business can follow exactly what payouts took place and make good tracking of their exact financial records. This also supports the compliance of regulatory requirements by affording a clear audit trail.
Financial Inclusion
Making Crypto payments can also help in financial inclusion since those that are not able to access financial services can opt for crypto. Cryptocurrencies facilitate businesses to make payments in parts of the world where the infrastructure of banks is minimal. This will be most valuable for firms that work with freelancers or contractors serving areas that are unserved or underserved.
Flexibility and Innovation
Adopting crypto payouts is a surefire way to show any company's commitment to innovation and adaptability. Making use of new technologies and modern ways of payment helps a business look forward-looking and flexible to potential clients and partners who are highly sensitive to using up-to-date payment methods.
Considerations and Challenges
While there are so many pros of crypto payouts, companies shall also become aware of the cons that come with it. Most importantly, cryptocurrencies host high volatility: the value of a cryptocurrency can change within a split second, thus, changing the amount of money to be received by the recipient in case the market conditions change between the payment time and when they receive payment. Moreover, business needs to remain informed on regulatory developments about cryptocurrencies to bring about conformance with the set local laws.
Conclusion
Crypto payouts benefit businesses in more ways than one, from facilitating streamlined transactions and lower fees to more security, global reach, and ensuring financial inclusion. It is important to mention that an increase in crypto adoption contributes to businesses realizing several benefits in the listed areas, and this knowledge can be critical in making strategic decisions with respect to the integration of payouts with cryptos in financial processes. Weighing all the benefits versus some of the cons, companies can now start making decisions about how best to use cryptocurrencies within their payment systems to stay ahead in this race toward a more digital economy.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).