Follow these steps to keep your Monieswitch account safe and protected from unauthorized access or fraud.
1. Enable Two-Factor Authentication (2FA)
Add an extra layer of security by requiring a code from your authenticator app or SMS in addition to your password when logging in.- How: Go to your profile settings, In the Security section, enable the 2FA option and follow the prompts to enable it.
- Why: Even if your password is compromised, attackers cannot access your account without the 2FA code.
2. Enable Maker-Checker
Require that sensitive actions (like payouts or account changes) are approved by a second authorized user before they are executed.- How: In your profile settings, enable Maker-Checker under security.
- Why: Prevents a single compromised account from making unauthorized changes or transactions.
3. Set Up and Review Your Settlement Account
Your settlement account is where Monieswitch sends your funds after you receive payments. This account can only be added after your account is approved.- How: Once your account is approved, go to the Settlement account section in your profile to add or update your bank details.
- Why: Ensures your payouts are sent to the correct bank account.
How Settlement Works
- Auto Settlement: If enabled, money received via your virtual account is automatically sent to your settlement account on the next business day (T+1).
- Manual/Instant Settlement: If auto settlement is off, funds remain in your available balance. You can manually settle at any time, but a transaction fee will be charged from your main merchant account balance. Auto settlements are free.
- Transaction Visibility: Money received through your virtual accounts does not immediately show up in transactions to avoid duplicate entries. Settlement is processed at the end of the day.
With instant settlement, you can send out your settlement balance for the day
at any time, but fees apply. Auto settlement is free and processed
automatically.
4. Set Up a Transaction PIN
Add a PIN code that must be entered to authorize sensitive transactions (like payouts or account changes).- How: Go to your profile and security settings and set a unique transaction PIN.
- Why: Adds another layer of protection for your funds and account actions.
5. Enable IP Whitelisting
Restrict access to your dashboard or API to only trusted IP addresses.- How: In your profile under the IP Whitelisting section, add the IP addresses that should be allowed to access your account or APIs.
- Why: Blocks access from unknown or suspicious locations, reducing the risk of unauthorized access.
6. Regularly Review Team Access
Check which team members have access to your account and their permission levels.- How: Go to the team section in your profile settings and review all users.
- Why: Remove users who no longer need access and ensure permissions are appropriate for each role.
7. Monitor Account Activity
Regularly review your account activity logs for any suspicious or unauthorized actions.- How: Access the activity or audit logs in your dashboard.
- Why: Early detection of unusual activity can help prevent fraud or data breaches.
Set up email or SMS alerts for important account actions for even faster response.