info@mexmoney.com
Senior HR Officer
compliance@mexmoney.com
support@mexmoney.com
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Dear Customer, We have launched AI powered KYC & KYB facility for New customer account opening.
If you believe you’ve made a transfer to a fraudster as part of a scam, or you suspect that your account has been subject to fraudulent activity, please: 1. End communication with the suspected scammer immediately (this could be via SMS, WhatsApp, telephone call, email, or in-person contact) 2. Contact the financial institution involved. If that’s MEX Money, contact us as soon as possible via the in-app chat support so that we can help secure your account. Alternatively, you can email us at support@mexmoney.com 3. Report the incident to the police If you see card transactions on your account that you don’t recognize or didn’t authorize, please follow our instructions on how to make a chargeback.
Criminals are using increasingly sophisticated techniques to steal money. As fraudsters and scammers get smarter, it becomes harder for customers to identify them, and the risk of being misled increases. MEX Money constantly reviews its fraud and scam prevention systems and is continually developing and deploying new solutions to counter the latest techniques and protect our customers. You, our customers, also have an important part to play in preventing fraud. This page outlines what to do if you suspect you’ve been targeted by fraudsters, and includes information on the latest scam and fraud techniques, how to protect yourself, and details of how MEX Money protects you.
· Fraud
This is usually when criminals use techniques to obtain your account or card details and use those details to make transactions without your knowledge.
· Scams
These are usually when criminals trick you into making a transaction you suspect to be real, and is instead to them. This typically comes from them pretending to be someone they are not.
Criminals are using sophisticated techniques to trick people and steal their hard earned money. Here is a list of some, but not all, of the fraud and scam techniques criminals are deploying
Authorised push payment (APP) fraud or bank transfer scams APP fraud is when criminals trick you or use persuasion to get you to transfer money to another account. APP fraud has increased dramatically since the beginning of the pandemic. The most common forms are:
· Investment scams, when criminals convince their victims to move their money to a fake fund or to pay for a fictitious investment
· Charity scam, when scammers will take advantage of your kind spirit and get you to donate to a cause you care about – but the funds go straight to them.
· Romance scams, when criminals claim to be romantically interested in you and take advantage of your emotions in order to convince you to send them your money
· Impersonation scams, when scammers pretend to be from an organisation such as a bank, utility company, or tax authority. They might tell you there is something urgently wrong and you need to move your money, often they’ll emphasize that they need it quickly, or that there is a time limit.
Card fraud is when criminals use stolen debit or credit card details to steal your money. There are several types of card fraud. The most common forms are:
· Remote purchase or card not present (CNP) fraud, when criminals use stolen card details to purchase items online, over the phone or through mail
· Lost and stolen card fraud, when criminals use a lost or stolen card to make purchases or take cash out at ATMs
· Card ID theft or account takeover (ATO) fraud, when criminals use stolen card details and personal information to open or take over a card account held in someone else’s name.
This type of fraud occurs when criminals ask you to download software, usually in the form of a mobile or desktop app that typically allows criminals to see your screen or take over your mouse, to gain access to your online or in-app account and transfer money. Fraudsters often use remote access software applications to gain control of your banking and finance applications.
Scammers know we’re all addicted to shopping online and that we usually have important deliveries on the way! They’ll text you and pretend a parcel is stuck in customs, or pretend a delivery has failed, in order to persuade you to provide important personal information.
Businesses can also be the victims of fraud. CEO fraud is an increasingly popular means for criminals to persuade businesses to illicitly transfer funds. Scammers impersonate the CEO or other senior business leaders of your organisation and convince victims to make payments, again, often stating they need it urgently.
With the rapid pace of development of sophisticated new scams, MEX Money is quickly crafting new solutions to counter the latest fraud and scam technology.
· In order to make sure we know it’s you, customers accessing MEX Money via the mobile app are asked to provide either a PIN / Passcode OR Biometrics (i.e. fingerprint or facial recognition) AND an SMS one-time-passcode whenever required.
· Customers sending money with MEX Money via the desktop app are taken through authentication by sending a notification to the mobile app. Then the customer confirms the login request via the mobile app, before the payment can proceed.
· When making online purchases, if transaction verification is requested by the merchant, we send you a notification, which asks you to open the app and confirm the request before the payment can proceed.
· When sending funds to a new recipient, we’ll ask you to confirm that you know and trust the intended recipient of the funds before the transaction can proceed. If we detect that the payment may be a scam, we’ll provide in-app warnings, which you should never ignore.
· We also offer unique features like virtual disposable cards (single-use time virtual cards can be used to shop online – and once you’ve paid, the details are deleted so that they can’t be skimmed or re-used by criminals)
· We offer in-app review of transactions, instant freeze of suspicious transactions and the relevant card (which customers can instantly unfreeze if they find that it is safe – rather than order a new card).
· Finally, remember that MEX Money will never contact you over the telephone without verifying ourselves first.
· Carefully review the alerts and information we provide to you when the Automated security system identifies suspicious fraudulent activity. Take your time to consider the situation before making a decision and consult with us if you’re in doubt.
· Never ignore in-app warnings, especially if someone is putting you under pressure, telling you to do something urgently or recommending you ignore them
· Be suspicious of ‘too good to be true’ offers or prices
· Shop with retailers that are reputable and reliable. As a rule of thumb, their website URLs should start with https. not http. Look for a padlock icon before the website name indicating that the site is secured with a digital certificate
· Never divulge PINs, passwords, one time passcodes or personal details over the phone or to an online chat support
· Read online reviews to check websites and sellers are genuine, and ask to see high value items in person or via video, as well as getting copies of documentation to ensure the seller owns the item
· Purchase branded items from the list of authorised sellers listed on their official websites
· Always access the website you’re buying from by typing it into your web browser. Don’t follow links in unsolicited emails or texts
· Always ensure you click ‘log out’ or ‘sign out’ of websites
· Remember that fraudsters may ask you to pay by bank transfer instead of card payment.
· If you get a message from MEX Money saying the payee doesn’t match, stop the transaction and investigate.