AML | KYC | Safety

Last Updated: April 2021

 

This page contains AML, KYC & Safety Security

AML refers to "Anti-Money Laundering". KYC refers to "Know Your Customer".

Introduction
Fighting the risk of scam and illegal activities, Rand4dollar.com makes every effort to protect users and partners from fraud in all the possible ways. For that, specific measures are taken to ensure customer verification and security of financial transactions. AML / KYC are considered to be one of the best methods to achieve this. This enables us in confirming that the customer is a law-abiding individual or corporation.

Rand4dollar.com has an automated risk scoring and risk prevention systems aimed to spot suspicious activity during operations. A transaction will be put on hold if the system flags it and the User will be asked to pass AML & KYC verification. For security concerns, we are not able to disclose the specific criteria of our system. However, our system is proven to be very effective against any money laundering and scam activities.

Rand4dollar.com reserves the right to enforce AML / KYC verification to certain users, addresses and transactions of particular payment directions. This application of Rand4dollar.com's AML / KYC procedure is based on internal policies aimed at avoiding and diminishing the potential risks of being Rand4dollar.com unintentionally involved in money laundering and other illicit activities.

We are informing you that Rand4dollar.com reserves the right to assign a Third-party service provider for the sake of carrying out the AML / KYC procedure. While information processing, the service provider abides by our Privacy Policy to ensure the privacy of your personal information.

Rand4dollar.com may share the information gathered in the AML / KYC procedure with the legal authorities by legitimate request.
Rand4dollar.com will never go for any agreement with an individual or entity alleged of or directly involved in money laundering or in which the funds sourced from illegal activities.

AML and KYC Procedure
AML / KYC procedure might be implemented to the transactions which are flagged as suspicious by our automated risk prevention system. In such cases, Rand4dollar.com will contact the User via email registered with his / her account.
AML / KYC procedure includes confirming the identity of Users by means of:

1.     A high-quality photo of their ID and an ID selfie at hand (national ID, passport or driving licence) valid in their Country;

2.     Address proof (utility bill or bank statement)

3.     Proof of the origin of funds;

4.     Any other applicable documentation. All documents must be in jpg or pdf format only.

In response to Rand4dollar.com request for the User's documentation, Rand4dollar.com shall take necessary measures to recognize deceitful documentation or any false information and reserves the right to carry out an investigation of certain users or transactions which were flagged to be suspicious.
The transaction will be executed only after the successful completion of the AML / KYC procedure.
In case the service poses any information, stating that a customer's transaction / source address / destination address may be a subject of any fraud, money laundering or other suspicious activity, received by Rand4dollar.com from Law Enforcement agencies, regulatory authorities, legitimate entity, etc., Rand4dollar.com is entitled not to conduct any activity with customer's funds for the investigation period.

Disclaimer
Rand4dollar aims at providing quick and transparent service. Rand4dollar.com reserves the right to any changes or updates in the AML / KYC procedure at any time it deems necessary without any notice, so we suggest User review it from time to time. 

Safety Security: 

Our services at rand4dollar does not store coins, personal information and financial nor provide electronic wallets of any kind. Contact us or your financial institution immediately if you think you’ve been targeted. We will never ask you for your bank details such as account number, pin and so on. To be very sure you are the one purchasing any services from us you will have to provide above kyc.

Latest scams to be aware of – here’s what you need to know
Types of Internet scams 

1.Bitcoin investment scam, 2.Phishing, 3.SIM swap, 4. 419 scam, 5.Vishing, 6.SMiShing.

1.Bitcoin investment scam
Bitcoin is good and anyone can buy and invest on their own. When someone requests from nowhere and offers a return this could be a scam.
Bitcoin is real and anyone can easily invest on their own. You do not need anyone's assistance.
Read more about bitcoin scams

2.Phishing

What is phishing?

Every now and then you may get an email that’s clearly a scam. Whether it’s because it unbelievably comes from a high-profile person like a king or minister, or it’s riddled with poor spelling and images, you know that it’s fake. However, it’s still possible that you could open an email that looks like it comes from your bank or another official organisation, when it doesn’t. Because it looks so real, before you know it, you may have given your private information over to hackers.

How to spot phishing
Suspicious emails asking you for help from a high-profile person, like a prince. Legitimate-looking emails asking you to share your PIN or password. Legitimate-looking emails asking you to click to get something that you didn’t apply for.Emails pressuring you to take action like deactivating your account. How to protect yourself against phishing scams. 
Why do I get these emails? Fraudsters who send phishing emails are trying to accomplish one of the following:

• Getting you to open malicious attachments that contain malware (a dangerous software or type of computer virus).

• Getting you to provide sensitive information like your PIN or password.
3. SIM swap, porting and twinning
What is a SIM swap scam?
If a fraudster has a false copy of your ID, they can use it to do a SIM swap with your network provider and they will have full control and access to information that is meant for you. They will also receive banking notifications and approval SMSs that your bank sends to you when doing a transaction.
All it takes for someone to do a SIM swap with your network provider, is a false copy of your ID. This will give them full control and access to any messages, confidential notifications and approval SMSs sent to your phone. Once a hacker has this clear view of your banking activity, it becomes much easier for them to gain access to transfer money from your account without you knowing.

What is porting?

If you get an SMS from your network provider confirming that you’re transferring to a new provider, pay attention!

If you didn’t action this transfer yourself, it’s likely that you’re experiencing identity theft. If porting is completed, you’ll no longer receive messages and notifications meant for you, meaning that a fraudster can intercept your calls and use any banking information sent to you.

What is Twin SIM?

This latest scam is when a criminal is able to duplicate your number to another SIM card. Pay special attention to all messages received from your network service provider regarding Twin SIM functionality – if you ignore a notification, your SIM card duplication will go ahead, giving the fraudster full access to any sensitive banking information sent to you.
Be aware of notifications from your banks or any financial firm! 
If you ever receive a logon notification when you haven’t logged on to Online Banking or services you used online yourself, do not switch your phone off. Contact the Fraud Hotline immediately

What happens when my number has been swapped?

If you’ve already been tricked into sharing your personal information and account details, fraudsters can transfer money from your account without you knowing. If we become aware of a SIM swap that you haven’t notified us about in advance, a temporary hold will be placed on your account for protection until you authenticate yourself.
How to protect yourself

If the SIM swap was done by you, then you would need to wait for 36 hours or authenticate yourself by calling our contact centre. 
4. What is a 419 scam?

You receive a letter, email or SMS telling you that you’re going to be sent a large sum of money from the lottery, job offer, or even an inheritance. All you have to do to get this money is provide your account details for the deposit, and send a certain amount of money to ensure that the transfer goes through. In reality, a stranger wouldn’t send you a lump sum randomly, nor would there be any need for you to first part with money to receive money, unfortunately many people send thousands before they realise that they’ve been scammed.Don’t be fooled by 419 scams. At times this could be online dating, blackmailing and so on.
How to spot a 419 scam.You’re randomly promised a large amount of money. Working tools; There’s often emotional bribery involved.An approved sign; Look out for grammar and spelling mistakes.
Scales; The scamster pretends to be someone from a legal or wealthy background.
How to protect yourself; What do I do when I’ve received a 419 scam? 
DO NOT reply. You can either forward these emails to the Police Service, hosting and email provider of the senders and block and delete them.

5. Vishing 

Don’t be tricked into vishing scams

What is vishing?

You answer a call from a normal looking number and speak to somebody who pretends to be from your bank or another familiar organisation. They say there’s a problem with your account and ask you for personal information that a real representative would never ask for. This could be your ID number, online login details, or PIN.  Because they sound legitimate and put you in a panic, if you don’t know what to look out for you could land up giving them your details. How to spot vishing - The caller asks you for personal information that you would never officially be asked for over the phone. Apply; The caller tells you about a problem that you know is unlikely to be true, like your account being blocked.Global; You're asked to call back on the number on your screen as a false form of caller validation. Global; Along with the call, you receive an OTP on your phone without having transacted yourself. How to protect yourself & why do I get these calls? Vishing is a way for fraudsters to manipulate you into giving them your personal information so they can hack your accounts or steal your identity. What should I do? Be vigilant! Never ever share your PIN, password, passcode, transaction verification code or CVV number over the phone. If you receive a phone call requesting you to share personal or confidential information, end the call immediately. If you receive a One Time Pin (OTP) on your phone without having transacted yourself, be aware that fraudster calling has used your personal information to shop online. DO NOT provide the OTP telephonically to anybody. Contact the bank or financial service providers immediately to report fraud. If you lose mobile connectivity under circumstances where you are usually connected, contact your service provider immediately to verify if your SIM has been swapped or your number ported.

6. SMiShing 

What is SMiShing?

You receive a text message asking you to respond to an allegedly important and official request relating to the security or unblocking of your account.
The link will ask you for information like your account number, PIN, password and cellphone number. If the SMS looks legitimate enough and you’re caught off guard, you could end up giving your personal information to a fraudster and fall victim to a SMiShing scam. How to spot SMiShing. Global; The SMS has a short web address (URL) using a bit.ly link; Apply; The SMiShing link requests personal information that the bank would never ask for. Global; If you compare the SMiShing SMS to other messages from us, you’ll notice big differences in the style and sign-off.
How to protect yourself - Why do I get these text messages? 
SMiShing is a way for fraudsters to con you into sharing your personal account information so that they can access your accounts for their own use.

What should I do? Be vigilant! Never click on a link in an SMS claiming to be from your bank or us. If you receive a suspicious SMS, report it and then delete it. 

Contact Us

For more information or queries regarding the AML / KYC procedure, please write: id@wvlx.com