1. Introduction
1.1 The Fraud Prevention Policy is essential to maintain the security and integrity of our services and products involving virtual assets. This policy includes risk management rules and procedures for fraud prevention.
1.2 The purpose of this Policy is to set guidelines and procedures to prevent and mitigate fraud in our operations as a Virtual Asset Service Provider (VASP).
1.3 This Policy applies to all employees, contractors, agents, and other persons working on behalf of XCoinPulse Ltd and covers all aspects of our services and operations.
1.4 For the purposes of this Policy, fraud means the act of dishonestly or unlawfully obtaining or attempting to obtain an advantage or financial gain through deceptive practices within the framework of our services and operations.
2. Risk Management Procedures
2.1 XCoinPulse Ltd implements robust customer due diligence procedures, including identity verification and source of funds verification for all customers in accordance with applicable laws and best practices.
2.2 XCoinPulse Ltd continuously monitors transactions for unusual or suspicious activities using advanced fraud detection tools.
2.3 All employees are required to report any suspicious activities to our designated AML Compliance Officer immediately.
3. Red Flags
3.1 XCoinPulse Ltd establishes a non-exhaustive list of red flags indicating potential fraudulent activities and provides guidance on responding to these factors.
3.2 XCoinPulse Ltd always conducts Know Your Customer (KYC) procedures to properly identify and verify users' identities in accordance with applicable laws and best practices. Users are required to promptly update their personal information when changes occur.
3.3 XCoinPulse Ltd investigates any accounts, transactions, and operations engaged in suspicious or manipulative trading activities.
3.4 XCoinPulse Ltd terminates services, transactions, and other operations if a user is involved in financial manipulations, wash trading, or spoofing.
3.5 XCoinPulse Ltd terminates services, transactions, and other operations if a user provides false or misleading identity information until the identity verification is completed correctly.
3.6 XCoinPulse Ltd encourages users to report all phishing attempts to our support team at aml@xcoinpulse.com for immediate investigation.
3.7 XCoinPulse Ltd encourages users to enable two-factor authentication (2FA) for their account security.
3.8 XCoinPulse Ltd implements strong cybersecurity measures to protect customer data and assets, including encryption and regular security assessments.
3.9 Users who provide false or misleading identity information may have their accounts suspended until identity verification is completed correctly.
3.10 Multiple accounts under the same identity information, frequent and large deposits from unverified or high-risk sources will be flagged for review.
3.11 Cryptocurrency deposits with unknown origins or unclear transaction histories will be investigated.
4. Reporting Fraud
4.1 XCoinPulse Ltd encourages users to report any suspicious activity, fraud, or phishing attempts immediately to our support team at aml@xcoinpulse.com for immediate investigation.
4.2 Users should follow these steps to report suspicious activity, fraud, or phishing attempts:
- In the subject line of the email, use a clear and descriptive phrase, such as "Fraud Report" or "Phishing Attempt."
- In the email body, provide the following information:
- Your full name and username on the platform (if applicable).
- A detailed description of the fraudulent or phishing activity, including relevant dates, times, and affected accounts.
- Any evidence or screenshots related to the incident (if available).
- Do not include sensitive personal or account information, such as your password or account credentials. XCoinPulse Ltd will never ask for such information via email.
- After composing the email, click the "Send" button to submit your report.
- You will receive an email confirmation acknowledging receipt of your report. Our team will review the information and, if necessary, initiate an investigation or ask for more details.
4.3 XCoinPulse Ltd takes reports of fraud and phishing attempts seriously and is committed to safeguarding users from such activities. These reports help maintain a secure and trustworthy trading environment.
4.4 For further questions or concerns, users should contact our support team at aml@xcoinpulse.com.
5. Regulatory Compliance
5.1 XCoinPulse Ltd ensures that its services, products, and activities comply with all applicable local and international regulations.
5.2 XCoinPulse Ltd regularly reviews and updates its compliance procedures to stay in line with evolving legal requirements.
6. Security Measures
6.1 XCoinPulse Ltd maintains a robust security infrastructure to safeguard user data and assets.
6.2 Users should keep their sensitive information secure and report any security concerns promptly to our support team.
7. Dispute Resolution
7.1 XCoinPulse Ltd has a clear process for handling fraud-related disputes.
7.2 XCoinPulse Ltd conducts thorough investigations into reported fraud-related issues and communicates with affected users.
7.3 XCoinPulse Ltd promptly communicates with users affected by fraudulent activities, notifying them of the situation and any necessary actions.
7.4 XCoinPulse Ltd has clear steps to resolve fraud-related disputes fairly and efficiently.
8. Consequences of Fraudulent Activities
8.1 XCoinPulse Ltd terminates the provision of its services and products in cases of severe or repeated fraudulent activities.
8.2 XCoinPulse Ltd pursues legal actions against individuals engaged in criminal or fraudulent acts.
9. Staff Training
9.1 XCoinPulse Ltd regularly educates all employees on recognizing and preventing fraud, ensuring they are up to date with the latest fraud trends and prevention techniques.
9.2 Employees who suspect or detect fraudulent activities must report them immediately to the AML Compliance Officer.
10. Regular Updates
10.1 XCoinPulse Ltd reviews and updates this Fraud Prevention Policy periodically to adapt to changing fraud risks and regulatory requirements.
10.2 The provisions and procedures specified in XCoinPulse Ltd's AML Compliance Program apply to fraud prevention procedures mutatis mutandis.