Read our Your Bank review to see if this broker is a scam or legit. Just to clear doubts, this is a yourbank.biz review.
Now that just about everyone these days has an internet connection, they can easily access convenient investment options without going through a complete hassle. That being said, it’ important to consider what investment options you’re trusting, since not all of them are created equal.
So if you’re looking at HYIPs, you need to first think about whether it has certain features that ensure a satisfactory investment experience. Many users have complained in their Your Bank Review that the platform is a scam, so let’s look at a few reasons why this might be the case.
Fails to Protect User Information
One of the main responsibilities of a platform providing investment services is to protect user data. In this case, Your Bank fails to do so because it has no such measures in place. What this does is expose the website and its users to different cybersecurity risks, like phishing scams and data breaches.
SSL encryption ensures that any data going from the user to the website and vice-versa is encrypted until it reaches the proper recipient. That’s called end-to-end encryption. And if it’s intercepted along the way, it’ll be unreadable.
For customers on Your Bank, using the website is a major risk, since any data you pass onto it is insecure. This is especially the case because the platform holds sensitive data like credit card details and personal information. If your personal data is compromised, you can face a bunch of other issues like hacking attempts, identity theft, and others.
Doesn’t Respond to Customer Complaints
Because online investment is such a sensitive topic and most investors are newcomers who have little experience, they need someone to guide them when they need assistance regarding the program. Many users complained that while using Your Bank, they didn’t receive any such assistance.
Whether they attempted to speak with customer support representatives or send an email to the management, they were unresponsive at every level.
While it’s true that every platform faces issues in ensuring a steady line of communication, but in this case, Your Bank went off the radar once customers started asking about their funds. It goes to show that the platform doesn’t value user satisfaction at all, and that the end goal is ultimately to swindle them out of their money.
Customers have often found that when they tried to give the platform some feedback about their services and how they could be improved; there was no attempt to improve the customer experience whatsoever.
Lack of Regulation Compliance
Your Bank doesn’t have any sort of regulatory compliance, so users are constantly looking over their shoulder in fear that the platform can get blacklisted and their funds confiscated. And since it hasn’t gone through a proper process of being registered as an investment program, it’s likely that there are no standards in place to eliminate the risk of fraud and other such incidents.
Usually, regulatory compliance requires investment programs to verify their customers to ensure that there are no fake accounts. Such measures also reduce the risk of money laundering and fraud, which could end up affecting other users on the platform. By failing to adopt such practices and ensuring compliance, users don’t get the safe investment community that they could have gotten elsewhere.
All in all, Your Bank is a highly suspicious investment program that has showed many instances of failing to meet customers’ expectations. It doesn’t employ any cybersecurity measures as a way to keep users’ data safe from cybercriminals looking to steal data for their own personal gain.
To make matters worse, this increases the risk of users facing devastating consequences in the form of identity theft and other problem. Moreover, when customers attempted to complain about the platform’s shortcomings, the management gave no response. Needless to say, it’s best to stick to an HYIP that employs appropriate standards so users can focus on their investments.