Anti Fraud Policy

Riz Remit aims to reduce the incidence of fraudulent transactions, facilitate victim identification, and provide prompt assistance. To achieve this goal, Riz Remit educates its agents, partners, and employees. The Riz Remit anti-fraud guide aims to assist in identifying, discouraging, and preventing consumer fraud.

Consumer and agent/partner victim fraud are the two primary fraud concerns facing the money transfer industry. In addition to defining the terms and common indicators, this article will discuss the various kinds of fraud involving consumers and agents or partners. In the payment industry, fraud is becoming a bigger problem. The 2017 UK Fraud Indicator estimates that fraud costs £190 billion in the UK annually. In the United Kingdom, fraud is the most frequent crime.

The victims of these acts may suffer terrible consequences. Victims may suffer psychological effects in addition to losing all of their cash. The money that criminals take can be used to finance illegal operations that negatively impact society, such as drug trafficking, terrorism, and human smuggling.

Criminals utilize a variety of tactics to commit fraud, with the theft of personal and financial data via social engineering and data breaches being the most significant contributors to fraud losses in 2018. Individual fraud is most commonly targeted at the elderly and fragile. Fraud is increasingly being committed online, where it was formerly conducted mostly via phone, post, or in person.

The 2006 fraud legislation, which created three fraud offenses—false representation, failure to disclose facts, and abuse of position—went into force in 2007.

The following are senior managements and director's duties about fraud prevention:

It is the director's core responsibility to establish and maintain a sound system of internal control that supports the achievement of fraud policies, aims, and objectives.

The MLRO has been given overall authority to manage the risk of fraud.

Responsibilities include:

• Regularly reviewing fraud threats and updating the anti-fraud strategy to reflect new typologies.
• Developing an effective anti-fraud response strategy based on the determined fraud risk level
• Developed an effective control environment to avoid fraud.
• Creating effective mechanisms for reporting fraud risk problems.
• Reporting Board of Directors of significant fraud or attempted fraud;
• Ensure all employees are aware of the anti-fraud Policy and their responsibilities in tackling fraud.
• Provide anti-fraud training to directors, staff, and Agents/Partners as needed.
• Take appropriate action to reduce the risk of future fraud.

• Ensure that a sufficient internal control system exists within their areas of responsibility and that controls work correctly;
• We aim to prevent and detect fraud as much as feasible;
• Regularly reviewing the control systems for which they are responsible for their actions.
• Ensuring that controls are followed and their systems continue to function efficiently;

While completing a transaction, the consumer will receive a transaction receipt containing a fraud notice, which he must read and sign. This is essential to protect customers from becoming victims of scams. The transaction will be terminated if the customer fails to read this warning and sign the receipt.

Consumer fraud is defined as criminals deceiving consumers, enticing them to transfer money for a scheme or via social engineering. Criminals use a variety of scams in which the victim feels that he will gain financial profit or that they are helping a relative or a friend. Fraudsters often target elderly or weak clients, but anybody can become a victim.

The following list includes the most prevalent form of consumer fraud:

International students are often the victims of this kind of scam. A scammer can use Gumtree and other websites to advertise the property. He arranges a setup where he can promote the property with the lowest rental prices compared to the market rate, which seems too good to be true- and also uses images of other properties from the internet. Because of the competitive rates, a fraudulent receives multiple quires. When a victim wants to check the property, the fraudster will pretend to live abroad and request a deposit as a guarantee to the victim to ensure that he can reserve a property as demand is high. The fraudster vanishes as soon as the money is sent. The property has never existed.

A fraudster will trap the victim by claiming to be a relative in trouble or someone acting on behalf of a relative, such as a lawyer or law enforcement authority. The grandparent’s relative says she is in trouble and needs money to pay fictitious medical or lawyer’s bills. Scammers will advise the victim to tell their grandparents and keep it a secret from others. To confuse the victim, the scammer may receive the call late at night.

In this scam, a victim may be contacted by the scammer and get a request to pay a fee to claim a prize or win a competition or lottery in which he has never entered or participated. The scammer will contact the victim via phone, text, email, or social media, claiming that the victim has won a fantastic prize in a competition that they don't recall entering.

A vacation or trip, a gadget like a Smartphone or laptop, or an international lottery will be offered in the event of winning a competition. The scammer demands a payment to release the funds. They frequently claim that the cost is for bank fees, courier fees, insurance costs, and government taxes. The scammers make money by continually collecting these fees and stalling the payment of winnings. The scammer would advise the victim to reply promptly and to keep the information private to prevent the victim from investigating further or asking someone about the scam.

A victim pays advance funds to the scammer in exchange for goods and services, such as a credit card or loan. Once the victim sends money, he never receives the scammer's products or services. The victim receives correspondence via phone, fax, email, or mail.

Many businesses use email and newspaper advertising to promote the idea that high-paying employment can be obtained through mystery shopping. Some websites allow victims to sign up to become mystery shoppers. Still, fees have to be paid to get information on certification programs, obtain a list of mystery shopping companies, or guarantee a mystery shopping job. Genuine mystery shopper jobs are published online, a list of mystery shopping businesses can be acquired for free online, and the certification offered is worthless.

The fraudster may send a cheque to the victim, asking them to deposit it and return a certain amount. If the cheque bonuses, the victim is held responsible for the amount they paid and the remaining funds.

The scammer uses the employment sites to recruit victims. The victim applied for a job on the website and believes he has applied for a genuine job. The fraudster then requests payment from the applicant in the form of a cheque to the bank for the cost of the credit check, application fees, and hiring charges. The con artist will ask the victim to return the remaining amount after using the money for these necessary costs for the task. The victim will be responsible for the total amount of the cheque if it bounces.

A scammer will contact the victim and extract money from the victim as a tax payment and threaten to arrest, fine, deport, withhold property, etc. The victim will use money transfer services to make an urgent payment to prevent the government agency from taking action. Government organizations do not operate this way; they send text demands through the posts.

Scammers mostly use social networking sites and dating applications to target victims. They can use social media platforms like Instagram, Facebook, and other dating apps to reach their targets. They register themselves on these social apps with fake identities, build h2 relationships with their victims, and gain trust; this process goes on for months. After gaining confidence, the scammer will make up a story to ask for money.

Scammers' familiar stories include:

• Serving in the military.
• Becoming a doctor.
• Needing payment for an emergency or surgery.
• I was paying off debts.
• Requesting an amount for a Visa or travel.

The scammer requested that the victim transfer money as soon as possible. At this stage, as the victim is emotionally attached to the fraudster, it is difficult to deter them from sending money. Refuse the transaction and advise the victim to discuss the circumstances with a friend or family member.

The Scammer may contact the victim initially by phone, email, or text and claim that he belongs to a reputed company like Microsoft, Apple, etc. They mostly use scare tactics or threaten him by telling him that the victim's computer has a virus or is having trouble with its software. Scammers mostly use fake identification, fake email, and websites that closely look like the actual website. A scammer may demand payment after convincing the victim about unnecessary services such as virus removal, software updates, and the solution to a never-ending problem.

The scammer may ask for remote assistance. A pop-up will appear on the victim's computer, showing a virus or system trouble. In some cases, the scammers may steal the victim's personal or sensitive data while providing remote assistance. During the whole process, the scammer will be requested by the victim to dial a number where he may demand more funds for non-existing issues.

The scammer may contact the victim, posing as a genuine charity organization's representative and requesting a donation via money transfer services. It is possible to ask for recurrent payments. An actual charity organization never asks for a donation to be sent through any money transfer service. The scammer may approach a victim by phone, email, or post.

A Fraudster will pretend to be a family member, friend, or any close relation and ask for money to be sent urgently, claiming to have an emergency. The scammer may create a story with common scenarios like he has to pay for hospital treatment or to leave a foreign country. The scammer will collect information about a victim from social sites or may hack his or his relative's email to collect contact details or essential information.

They may even involve other scammers to target the victim, which claims to be police officers and lawyers.

A fraudster will contact the victim by claiming to be a government official and getting access to his personal information, which will be used to persuade the victim that the request is genuine. After convincing them, a scammer may demand payment to sort out any immigration issue mentioned by the victim. The scammer may threaten the victim with legal action or deportation if he does not cooperate. Immigration agents won't take any payment or funds over the phone or through any money Transfer Company.

The victim will receive a cheque for an extra amount from the scammer, more than expected, in exchange for a product or service. The scammer will request the victim deposit the cheques into a bank account and return the remaining amount through a money transfer provider.

It will be a bounced cheque, leaving the victim out of pocket. As previously mentioned, a victim will get a cheque to cover all the expenses associated with accepting employment, purchasing, etc. The victim will be responsible for paying the bounced cheque.

The term refers to selling products and services, usually unsolicited, to potential customers over the phone. This includes a variety of phone-based fraud scenarios, such as advance fee scams, internet purchases, lottery scams, charity scams, and immigration scams.

The most significant point is that a customer may be a fraud or scam victim in the receiver's absence. In most cases, social engineering can go on for months or even years, and a scammer will not ask for the money initially. The scammer’s first aim is to persuade the victim, and after gaining the victim's trust, he will ask for the money. To ensure that victims are promptly recognized and assisted, you must become familiar with the various scams covered later in this article.

• The Customer seemed delighted about finding a once-in-a-lifetime opportunity.
• The customer asks about the procedure for transferring money, even if this is the first time they have sent it and haven’t sent it before.
• The customer may specify that the funds are being delivered to handle an emergency.
• Customers might need help to supply information about the source or goal.
• Sending to unconnected individuals: customers who are elderly or vulnerable
• Customers send several transactions in a row or across several days.
• Modification of the sending pattern, if sent earlier

• Ask the customer whether they have a chance to meet the recipient.
• Inquire about the customer's relationship with the recipient.
• Does the customer provide the purpose of the transaction, and does the customer need clarification?
• Does the customer become upset or emotional if you ask more?
• Sending vulnerable or elderly customers to unrelated individuals
• Request the customer to contact the relative to determine if, as the consumer claims, he received an email from a relative who is in an emergency.

• Decline the transaction
• Let the customer know that there's a chance this transaction is connected to fraud. You may assist them by contacting the headquarters of Riz Remit Limited.
• Notify Riz Remit Limited's headquarters about the incident.
• Submit a SAR if you find out that a valuable customer is at risk.

Numerous examples of potential fraud victims have been presented, but a scammer may physically visit a location to collect funds. Common signs indicate that the customer may be fraudulent:

• The user ID seems fake and suspicious.
• The fraudster got a large number of transactions.
• No relationship exists between the sender and the receiver
• The customer can use a phone to read or have a list of control numbers with them.

If there is any doubt about the fraudster's presence, the transaction must be declined. Riz Remit must be informed about any scam so that the transaction can be blocked. Submitting a SAR will be necessary.

A deceptive and fraudulent business practice that causes a financial loss to agents and customers is defined as agent/ partner victim fraud. A scammer can use various ways to target a victim. Some significant and most common ways used by a fraudulent to target a victim are stated below:

A scammer may take control of a computer through malware and Trojans, known as hijacking. Unintentionally, a victim may click on a link attached to the email and download malicious software where software is downloaded. By using key loggers, a scammer may get personal information like passwords. As a result of this, an agent's or partner's credentials may be compromised.

A fraudster will call the victim and pretend to be a team member of Riz Remit Limited. The fraudster will ask for remote access to sort out the issue or to update it. Common Remote access software such as Team Viewer or any desk may be requested to download. Furthermore, a scammer may ask the victim to turn off the PC while he is using it at the same time. Then, a fraudster will conduct several transactions.

When the agent/partner reconciles banking, he will realize that several transactions have occurred and funds have been transferred.

A scammer may contact the agent or partner, claiming to be part of Riz Remit. The scammer may request that the agent/partner conduct a test transaction. However, the transaction is genuine and will be paid out.

The hacker will send a login page for Gmail, Facebook Book, and PayPal to the victim that looks like the official Facebook and Gmail pages. A link can be sent via text or email. The victim may be unaware that someone has stolen his password and personal data. This may also harm a computer with malicious software and collect the victim's data.

A fraudster can hijack a phone or intimate phone number and pretend to be a person, business, or department to get funds or personal information about a targeted person. A scammer will also pretend to be a local and legitimate number to increase the chances of a h2 connection with their target. It could be a scam if a fraudster claims that he is from Riz Remit Limited or is calling on behalf of Riz Remit Limited, and the number seems natural and genuine. When conducting phishing scams, a fraudster uses phone hacking or hijacking to hide their identities.

When a customer walks in to process the transaction, he may wait for busy moments to divert the attention of an agent or partner. Before the funds are checked, the fraudster tries to complete the transaction. While the transaction is completed, the scammer may leave the funds on the counter.

After examining the Money, the agent/partner will find it insufficient. The scammer will request the agent visit the ATM to withdraw the cash, but he won’t return. To avoid the transaction from being canceled, the receiver may quickly collect the funds. If the screen is visible, the fraudster may note the payment number, But the payment number will not be provided.

To prevent Agent/partner victim fraud, the actions that can be taken are stated below:

• Download antivirus and firewall software. Ensure that the antivirus software program is updated often.
• In case of any doubt, hover the mouse over the email address. It will provide detailed information about the intended recipient. For example, an email sent by Riz Remit Limited may appear to be from Riz Remit Limited when viewed, but the address that appears will be completely different. You have to delete this email.
• Once more, if you Move your cursor over suspicious links, the URL will be shown.
• Riz Remit Limited will never ask about any customer's confidential credentials, such as user name or password, or request remote access to the Customer's PC until a complaint has been registered. If this kind of request has been made, no information should be provided to the fraudster to get access to the system.
• It is the core responsibility of an agent or partner to respond carefully when they receive emails containing generic greetings, unsolicited correspondence, requests for personal information, or misspelled words.
• The agent/partner should only process a transaction once the funds have been verified.
• Agents/partners can accept a request to access a PC or disclose confidential credentials like username and password.
• For software installation, never accept a USB or CD with consumer details.
• Never call a number provided by the caller to call.
• Agents/partners are not allowed to leave their PC without locking it.
• As soon as an operator departs, the log-in codes should be de-registered.
• Password and operator's ID will never be disclosed to anyone.
• Agents have to keep their screens hidden from consumers.
• Nobody should be allowed to work behind the counter without authorization.

Riz Remit Limited will report any identified fraudulent activity to action fraud.

https://reporting.actionfraud.police.uk/login

Additionally, the NCA will be notified in cases involving vulnerable customers or where there is a possibility that a fraudster is collecting money in the UK.