Read our Safe Depositary review to see if this broker is a scam or legit. Just to clear doubts, this is a safedepositary.com review.
Many people have financial goals that they aim to achieve with the help of successful investments. However, not everyone has a large the amount of money needed to make a sizable long-range investment. That’s where short-term investments that ensure sustainable and consistent returns seem like a feasible option for potential investors.
Not to mention, the internet opens up a world of investment possibilities, such as HYIPs. But it’s important to remember that not all HYIPs are built the same, and that some can be quite reliable. In this Safe Depositary review, let’s discuss why this HYIP shouldn’t be trusted.
Doesn’t Pay Out Users
One of the main reasons why people choose investment programs is so they can make sizable returns that they can use as a form of income. But what happens when you can’t even access the money despite working so hard to secure an investment?
That’s exactly what the users on Safe Depositary had to go through when the program stopped responding to withdrawal requests, preventing customers from accessing their money.
Many customers have complained that when using Safe Depositary, they often had trouble withdrawing their returns. More importantly, they saw that there were often delays of a few weeks.
But after a certain period of time, they stopped responding entirely and no longer entertained any requests for withdrawals. Essentially, users’ money was stuck with the provider, and they had no other choice but to approach third parties in an attempt to get it back.
Susceptible to Data Leaks
Investment isn’t easy. It requires a person to take on a considerable amount of risk in an attempt to get a sizable return. Hence, the last thing an investor needs is to constantly look over their shoulder in fear of cybersecurity threats.
These days, tech agencies are attempting to build stronger platforms that are resistant to cybersecurity risks. Despite their best efforts, cyber criminals are coming up with more sophisticated approaches to hacking and stealing user data.
Safe Depositary, on the other hand, fails to employ suitable measures that keep users’ data safe from cybersecurity breaches and potential data leaks. Usually, platforms that store users’ financial information implement some form of encryption so that in the event of a cybersecurity risk, there’s no chance of bad actors using or selling the data.
But in this case, using Safe Depositary puts customers at risk of facing a data leak and other consequences, like identity theft.
No Proper Regulatory Compliance
Generally, financial instruments have to be heavily regulated to avoid the risk of fraud. Hence, platforms that help users access such instruments also have to meet compliance requirements to sustain customer trust. This requires various actions on part of the platform, like verifying customer accounts.
But when they fail to get appropriate certification from regulatory authorities, they make themselves vulnerable to two major risks.
The first is that there’s a higher risk of incidents like identity theft, money laundering, and using the platform as a way to transfer funds for illicit activities. The second is a risk of becoming blacklisted by regulatory authorities when they determine that the platform doesn’t employ appropriate measures to meet compliance requirements. As a customer on the platform, you expose yourself to such risks as well.
Bottom Line
Overall, Safe Depositary is an unsafe and unreliable high yield investment program that fails to meet basic requirements to keep its customers safe. Not only does it lack appropriate cybersecurity measures like an SSL encryption protocol that protects user information in the event of a cybersecurity threat, but it also makes itself vulnerable to data breaches.
It also doesn’t comply with regulatory requirements like verifying individual customer accounts, so unsuspecting users find that they’re exposed to an increased threat of identity theft as well. And to make matters worse, they withhold payments and delay withdrawals as well. Needless to say, potential investors should definitely steer clear of Safe Depositary.
