Fraud Policy

This document outlines the Fraud Policy and Procedures related to VirtualCard.World accounts. “We,” “our,” and “us” refer to VirtualCard.World. “You,” “your,” and “customers” refer to the account holders.

Purpose of this Document

This policy details how VirtualCard.World identifies and mitigates fraud risks while delivering its services. It establishes the necessary controls to address potential threats effectively.

Review of Policy

This policy will be reviewed regularly, at least once a year, and updated as needed by VirtualCard.World’s Management in response to changing circumstances, regulations, or emerging risks.

Risk Assessment

Fraud risks will be identified through a comprehensive fraud risk assessment, which includes:

Details of internal and external fraud risks VirtualCard.World may face.
Controls in place to mitigate these risks.
Policies developed to implement these controls.
Monitoring mechanisms for these policies.

Fraud Risks

VirtualCard.World has identified the following fraud risks:

Internal Fraud

Employees acting fraudulently, resulting in:

Financial loss to the company or a customer.
Identity fraud compromising customer data.

External Fraud

Threats from external sources include:

Fraudulent activities by clients.
Fraudsters posing as legitimate clients.
Email fraud, such as phishing attempts.
Payment fraud, including unauthorized transactions.

Controls to Mitigate Risks

Internal Fraud Controls

VirtualCard.World has implemented the following measures:

Identity verification during the hiring process.
Restriction of data visibility by department, governed by an Access Rights Policy.
Controlled access to internal systems and trading platforms based on roles.
Employee training on identifying and preventing fraud.

External Fraud Controls

To address external fraud risks, VirtualCard.World has:

Established KYC (Know Your Customer) checks during onboarding.
Decided not to accept cheques as part of its fraud prevention strategy.
Provided staff training to recognize and mitigate fraud trends.
Implemented operational procedures to verify new beneficiary details with clients.

Specific Policies Supporting Fraud Controls

The following policies have been implemented to enforce these controls:

Access Rights Policy.
AML (Anti-Money Laundering) Policies and Procedures.
Regular transaction monitoring to identify suspicious activities.
Daily checks to prevent unauthorized transactions.

Issue Monitoring and Resolution

The controls outlined in this policy are designed to prevent fraud. In the event of a fraud-related issue, the Operational and Security Incident Reporting Process will guide monitoring and resolution efforts.

Compliance Monitoring

Adherence to this policy will be ensured through regular compliance monitoring as part of VirtualCard.World’s overall compliance plan.

Breaches of the Fraud Policy

Any breaches of this policy will be logged and addressed in accordance with VirtualCard.World’s Regulatory Breach Policy. Appropriate actions will be taken to resolve and prevent future occurrences.

Updated January 2025.