Maya from the Philippines warns of losses caused by fake mobile app
Fintech company Maya has published a public notice to its users via an app posing as a subsidiary of the platform on the Google Play Store. The notice warns users that it has no connection with the “Maya Trade” app and has taken to social media to tell customers to be on their guard.
“Watch out, Team Maya! There is an app called Maya Trade which is NOT part of the official Maya brand. For your safety, be EXTRA CAREFUL when using the app or clicking on any of its advertisements,” the notice read.
“We urge the public to be extra careful when downloading, registering, trading and transacting with Maya Trade,” Maya said.
Notice: “Maya Trade” app on Google Play Store is NOT the same as “Maya”, the official app and brand of Maya Philippines, Inc. (formerly PayMaya Philippines) and Maya Bank, Inc. pic.twitter.com/hYI5l7yJMv
— Maya (@mayaofficialph) October 14, 2022
The company added that Maya does not allow the use of marketing materials, social media sites and logos because it shares a link to Maya’s official mobile app.
Passing off an app as an affiliate of a well-known brand is often used by scammers to scam users out of their hard-earned funds.
Maya was once known as Paymaya, but an all-encompassing name change saw it morph into its current iteration. The transformation included adding online banking and digital assets to customers with the addition of micro investments.
The company’s digital banking arm received a license to operate in September 2021, and within five months it had attracted an impressive one million customers. Maya’s rapid growth has been attributed to transparent operation and the use of ingenious marketing strategies like the “Maya Free Bitcoin” which randomly drops bitcoins to platform users.
Maya’s faith in virtual currencies
In September, Maya’s chief marketing officer, Pepe Torres, urged Filipino residents to consider the option of virtual currencies to settle transactions while noting that the data looked positive for the nation.
Torres cited the Visa Consumer Payment Attitudes Survey which predicts that 72% of residents are willing to consider digital currencies to settle transactions. He added that the myriad benefits of relying on the asset class include financial inclusion and fast settlement times.
“So there’s a lot of promise around the core technology behind cryptocurrency, which is blockchain, because it has a lot of promise in terms of international money transfers, making it easier to buy goods and services across the world and also in terms of developing secure and smart contracts,” Torres said.
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