Safety Guides

Is Piggyvest Safe? The Complete Guide to Security and Fraud Prevention

If you live in Nigeria, you know that earning money is hard work. But keeping that money safe? That can sometimes feel like an even harder job. Whether you are saving for rent, your children's education, or just a rainy day, the last thing you want to worry about is the safety of your funds. You want real assurance that your money is secure.

Piggyvest is safe and secure. We use bank-level security measures, including 256-bit encryption, to protect your sensitive data. We also employ a dedicated Fraud and Investigation Team that uses a proprietary monitoring system to track suspicious activity 24/7.

Furthermore, all funds deposited with Piggyvest are warehoused with licensed partners to ensure your savings meet the highest regulatory standards.

However, security is a two-way street. While we work around the clock to build a fortress around your funds, the strongest defence is a solid partnership between you and us. In this article, we'll pull back the curtain on exactly how we protect your money and share the essential steps you must take to help us keep your account ironclad.

Why Financial Fraud is on the Rise

To understand how to protect your money, you must first understand the environment we live in. Fraud is not static; it evolves. Our cybersecurity team describes this as the "dynamism of fraud" — meaning scammers are constantly inventing new "formats" to exploit loopholes.

However, this rise in fraudulent activity is also deeply intertwined with our current economic realities.

Inflation has risen significantly (15.1% as of January 2026), driving up prices of essential items such as food and transportation. At the same time, earning power is shrinking; the number of Nigerians reporting no income at all grew from 20% in 2023 to 28% in 2024, according to the Piggyvest Savings Report 2024.

When people are struggling to make ends meet and stretching every naira, desperation often sets in. Fraudsters are highly aware of this vulnerability. They weaponise this economic anxiety by pushing "quick cash" schemes or fake investment opportunities that promise unrealistic returns to people who are simply looking for a financial lifeline.

Scammers know that people are looking for relief or quick gains, and they prey on this. Therefore, vigilance is now a necessity.

How Piggyvest Protects You and Your Money

At Piggyvest, we don't just wait for fraud to happen; we actively hunt it down. Our defence strategy relies on a combination of advanced technology and human expertise.

Here is an overview of the internal measures we take to keep your Piggyvest account safe:

1. Rigorous Onboarding and BVN Validation

The first line of defence is the entry point. We intentionally make our onboarding process meticulous to ensure that only genuine users enter our ecosystem. This is why we insist on the Bank Verification Number (BVN) as a "source of truth".

Your BVN is an 11-digit number that ensures your identity is consistent across the Nigerian financial landscape. By enforcing this, we significantly reduce the risk that bad actors can use fake or stolen identities to gain a foothold on the platform.

2. The Monitoring System

Once a user is active, our internal vigilance kicks in. We use a proprietary in-house platform to monitor transactions in real time. This system actively seeks out big transaction amounts and anomalies.

3. The Human Element

Technology is great, but human intuition is irreplaceable. Our Fraud and Investigation Team analyses flagged transactions with a level of discretion that automation cannot match. They're trained to spot the subtle signs of fraud that might look normal to the average eye and get missed by algorithmic code.

When red flags rise, we follow a strict protocol: investigation over accusation. We may temporarily restrict an account to request context or evidence. If fraud is confirmed, we permanently close the account and may submit the user's BVN for watchlisting across the financial ecosystem.

Your Responsibility: 5 Ways to Lock Your Door

While we secure the "back end," your personal security habits are the lock on the "front door." Even the most secure bank vault can be breached if the manager hands over the keys.

Here are five non-negotiable tips to keep your account safe:

1. Guard Your Passwords and PINs Jealously

Your password is the key to your financial life. Avoid using guessable information, such as your date of birth or sequences like "12345". Instead, use the "expert formula": a unique combination of numbers, letters and special characters.

Furthermore, never reuse the same password across platforms. If a less secure site you use is breached, you don't want that to compromise your Piggyvest account. We also recommend changing your passwords regularly — every three months is a good habit.

2. Enable Two-Factor Authentication (2FA)

Think of 2FA as a second lock on your door. Even if a scammer guesses your password, 2FA ensures they still cannot get in without a second piece of information — usually a code sent to your device or an authenticator app. It acts as a superhero cape for your account; if your password leaks, 2FA swoops in to save the day.

3. Protect Your OTPs Like Gold

Your One-Time Password (OTP) is for you and you alone.

Piggyvest will never ask you for your OTP.

Piggyvest will never ask for your PIN or password.

If you receive a call, email, or DM asking for this information, it is a scam. Hang up or block them immediately.

4. Verify Before You Send

In the rush of daily life, it is easy to make mistakes. But when money is involved, you must "check twice, send once". Always take a few extra seconds to confirm the account number, name and bank before hitting transfer.

Also, be wary of urgent requests from "friends" asking for money. Social engineering hacks are common, and that message might not actually be from your friend. Call them to confirm before sending anything.

5. Be Invisible Online

The golden rule of online safety is simple: share less. Every piece of information you share online — from your birthday to screenshots of your account balance — can be weaponised by fraudsters.

Be careful with viral social media trends that ask for personal details like your "mother's maiden name" or "first pet". These are often designed to harvest answers to common security questions.

Common Scams to Watch Out For

Awareness is your best weapon. You don't need a degree in cybersecurity to spot a scam; you just need to know what to look for.

Here are some of the most common scams you may encounter as a Piggyvest user:

Phishing Emails

These are fraudulent emails designed to appear to be from Piggyvest. Look for subtle spelling errors in the sender's address (like "P-l-ggyvest" instead of "Piggyvest") and suspicious links.

Social Media Impostors

Fraudsters often create fake support profiles on Twitter or Instagram. If you complain publicly in a viral post, they may reach out to you via DM, claiming to be "Customer Support" to "help" you.

Fake Investments

Be wary of offers that seem too good to be true. If someone promises to double your money in 45 minutes, it is a scam.

Note: Piggyvest does not chat on WhatsApp or Telegram. Our only official communication channels are through our verified app, email, or website.

What Should You Do If You Suspect Fraud?

Time is everything. If you suspect your account has been compromised, or if you notice a login you don't recognise, you must move quickly.

Do the following immediately you suspect your account may have been compromised:

Change Your Password Instantly

This can lock out an intruder before they can act.

Report It Immediately

Contact Piggyvest support through our official channels. As our fraud team stresses, "money moves very, very quickly".

The faster you report an issue, the greater the likelihood our team can trace and recover the funds. In the past, prompt reporting has led to 100% recoveries.

A Partnership for Safety

Your financial security is our top priority, but we cannot do it alone. By using strong passwords, enabling 2FA, and staying vigilant against scams, you become our strongest ally in the fight against fraud.

Remember: if you see something strange, say something. Your money is safe with Piggyvest, and together, we can keep it that way.