Transak implements reasonable safeguards designed to detect and prevent fraudulent activity. This notice provides an overview of our commitment to fraud prevention and describes the controls and procedures we maintain to identify, assess, and respond to potential fraud.
We take a proactive approach to detecting and preventing fraud. Our internal policies and controls are built based on a risk based approach to ensure we:
- Identify fraud risks and trends
- Implement controls for the different types of risk
- Designate responsible individuals with the right knowledge and expertise in risk management
- Providing resources to our customers for the prevention of fraud.
The measures and tools to prevent fraud:
- Identity verification
- Blockchain analytics
- Behavioral analytics
- Deployment of scam warnings
- Awareness campaigns on social media
Our risk systems at Transak are designed to detect and mitigate fraud threats in real time, balancing fraud prevention with a seamless user experience to protect both our financial interests and our reputation
The measures and tools outlined in this policy represent only a portion of the controls used to help prevent fraud. Clients are encouraged to remain vigilant, recognize potential threats, and implement appropriate safeguards to mitigate the risk of fraud.
What is Fraud?
Fraud is any activity that relies on deception in order to achieve a gain. This may include:
- Identity theft
- account takeover
- consumer scams
- disruptive trading practices;
- bribery and corruption;
- cyber theft
Investigation:
Our Risk team will conduct an assessment to determine the nature and extent of the suspected activity, evaluate the associated risks, and take appropriate action in accordance with applicable laws, regulatory requirements, and Transak's internal policies and procedures. While Transak will report fraud where feasible, please note that any digital assets are unrecoverable, as blockchain transactions are permanent and cannot be reversed once confirmed
Enforcement Actions:
Upon investigation of the fraudulent activity, Transak may restrict access to the account, request Enhanced Due Diligence (EDD) or terminate the business relationship. This action is intended to safeguard both you and Transak against any further abuse.
Industry Compliance:
In the event that fraud is confirmed, either through actions of an employee or user, we will comply with the applicable reporting requirements to regulatory authorities.
We encourage our customers to stay vigilant and report any suspicious activity to our support center. If fraud has been confirmed, we recommend that you contact your financial institution directly, in addition to filing a report with your local authorities.
Below are some tips to help you prevent fraud:
- If an unknown individual contacts you, do not release any financial or personal identifying information (PII) and do not send any money.
- Verify the validity of any investment opportunity
- Always check URLS, sometimes the websites can be fake
- Be cautions of get rich quick schemes
- If you are already a victim of fraud, do not engage with the fraudster and contact a law enforcement agency.
- Freeze your bank accounts and credit/debit cards
- Enable two-factor authentication
Transak does not allow the use of its platform, services and products to be used for illicit activities, including activities involving fraud or scams.