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Transparency Centre

scam prevention information

Our team is working hard to fight cybercrime and fraud, to keep our clients and their end users as safe as possible. We use transaction monitoring and screening tools to identify and prevent fraud and money laundering.

 

Below are answers to a few common questions about OpenPayd, our services and suspected fraud:

What we do What are virtual ibans? Are you our customer? FAQ scam protection

About OpenPayd

What does OpenPayd do?

OpenPayd is a financial institution providing services to business clients only.

We help our business clients collect, move and manage money globally. This may involve the provision of virtual IBANs to our clients.

 

Some of our business clients offer services to consumers (i.e. individuals using services for personal use), or other businesses. We do not provide accounts or services directly to consumers.

virtual ibans explained

What are
virtual IBANs?

Virtual IBANs are unique digital identifiers, allowing efficient processing and speedy reconciliation of payments. An IBAN (International Bank Account Number) is a standard format used worldwide to identify bank accounts. A virtual IBAN looks like a regular IBAN but doesn’t correspond to a bank account. OpenPayd uses virtual IBANs to identify payments made into the payment accounts we provide to our business clients.

Breakdown of a Virtual IBAN

GB Country code
29 Check digits
OPYD Bank identifier
6016 1331 9268 19 Account number

routes to a corporate account

A virtual IBAN directs incoming payments to the business client’s corporate payment account provided by OpenPayd.

helps track and reconcile

Each virtual IBAN is unique, which helps businesses automatically match payments they receive to the correct end user, order, or transaction.

allocated by businesses

OpenPayd provides virtual IBANs to our business clients, who may assign them to their end users and label them with the end user’s name.

widely used in financial tech

Virtual IBANs are commonly used by payments firms, crypto services businesses, payroll platforms, lenders, trading platforms and marketplaces.

I have been assigned a virtual IBAN.

Am I a customer of OpenPayd?

No. OpenPayd provides payment accounts and virtual IBANs to business clients only and does not provide any services to consumers.

 

You may have been assigned a virtual IBAN labelled with your name by an OpenPayd business client. Any funds sent by you to this virtual IBAN will be received into our business client’s corporate payment account, and the virtual IBAN will be used by the business to identify the payments as having been made by you.

 

Your contract is with the business that has agreed to provide you with services and who has provided you with the virtual IBAN.

How your payment works

you make a payment

You send money using a virtual IBAN in your name.

our business client receives your funds

Your payment arrives to the business client’s corporate payment account and the virtual IBAN data allows OpenPayd to identify them as being received from you.

your payment is matched

Our business client sees the payment in their account and automatically matches the payment to you.

your balance is updated

The business client adds the relevant amount to your account on their platform, ready for you to use.
OpenPayd has no involvement in this step.

you can use your funds

You can now spend, transfer, or withdraw your money as needed. OpenPayd has no involvement in this step.

FAQ

Answered by our Experts

How do I spot a scam?

Scammers employ a range of tactics:

1

urgency

Creating time pressure to push you into making quick decisions, such as claiming a limited-time investment opportunity or requiring immediate payment to avoid loss.

2

high returns

Promising unusually high or guaranteed investment returns, often linked to cryptocurrencies, stablecoins, AI, “algorithmic trading”, or other complex or trending products.

3

impersonation

Posing as someone you trust, such as your bank or payment provider, a regulator, or even a colleague or friend, or using the names, titles, and images of real employees to appear credible.

4

social engineering

Building relationships over time via social media, messaging apps, or group chats, before introducing investment opportunities or requests for money.

5

emotional manipulation

Exploiting personal relationships (common in romance scams) by fabricating emergencies, hardships, or trust-based investment opportunities to encourage payments.

6

exclusivity

Presenting opportunities as “invite-only” or available to a select group, creating a sense of privilege and reducing your likelihood of questioning the legitimacy.

7

payment redirection

Instructing you to send funds to new or different accounts (often at short notice), sometimes claiming it is for security, efficiency, or compliance reasons.

8

complexity

Overloading you with technical jargon or complex explanations (e.g. around trading strategies or crypto infrastructure) to discourage scrutiny and create false credibility.

9

escalation

Encouraging increasingly larger payments over time, often by showing fake “profits” or returns to build confidence before requesting additional funds.

10

legitimacy signals

Using professional-looking websites, documents, contracts, or apps to create the appearance of a genuine and regulated business.

How can you protect yourself from scams?

Questions or concerns?

Our compliance team is here to help with any queries or to receive fraud reports.

Reach out at:

[email protected]
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