Q: What measures does Centi implement to ensure platform and stablecoin security? Is there any insurance for my assets if they get compromised or stolen?
A: Centi follows the most recent security practices and protocols to ensure the safety of your assets. Our security checks and upgrades are regular, ensuring that the platform remains secure in the face of evolving threats.
Centi maintains encrypted copies of your wallet, which remain secure even if our database is accessed or stolen. To access these encrypted copies and make payments, user login credentials are required. Our database is maintained by a reputable external service provider who complies with relevant ISO norms and data protection standards.
However, it’s important to note that digital cash, much like physical cash, isn’t insured unless you have your own insurance policy covering it. A number of insurers do not include digital cash in their standard policies due to the perceived risk. We recommend reading our exchange terms when purchasing digital cash from us, and our token terms (centi.ch/centi-franc) when dealing with Centi Franc.
One of the risks with cash is potential buyer’s remorse, and you should be aware that we cannot reverse transactions. This also means that unauthorized debits or credits, as with cards, are not possible. We encourage our users to ensure they truly want a product or service before making payments with our merchants. While merchants can issue refunds, we are unable to assist with this process like traditional card payments.
Much like in all security scenarios, one of the biggest potential threats lies at the social level and often cannot be fully addressed technically:
We recommend keeping your 12-word mnemonic secure and backed up. This mnemonic should be kept private and never shared online or anywhere else. Be vigilant in your online communications, ensuring you are interacting with the person you believe you are. When making any payment, especially with money involved, beware of fraudulent individuals looking to exploit others. Stay vigilant!
When transferring money through the Centi App, take care to confirm the recipient’s PayMail address. Our QR codes on the receive tab provide a secure way to share your own address.