As the crypto space grows, the threat of a potential hack or scam increases. Remitano's Security, AML and Legal team comprise specialists and experts who help protect our customers from financial crime. In addition, they support and comply with authorities to ensure that Remitano deals with fraudulent activities, keeping your assets safe from any hack, and giving our users peace of mind.
Is Blockchain less secure than Traditional Banks?
We have witnessed many hacking and other major fraudulent activities in the current bank systems, like scams. As a result, many financial institutions and individuals have lost billions of dollars due to insecure systems. Also, even some popular cryptocurrency exchanges platform has suffered losses due to a hack.
However, many features make the security of Blockchain more convoluted and challenging to hack attempts by cybercriminals. Blockchain systems are complex and can securely store and allow online information sharing. It happens without betraying the privacy and transparency of the involved parties. This design is precisely why innovators and investors have started applying Blockchain technology in significant sectors. All this increases data protection and prevents fraud.
One thought you should keep in mind is that the users of Blockchain are also vulnerable to traditional scams, for instance, following a scam link or email that pretends to be the official bank or exchange platform. Anyone can fall for that kind of trap. Therefore, it's upon us to upgrade the levels of our private security if we want to keep our funds and any other important information.
As a leading crypto exchange platform, Remitano takes several measures to detect and prevent fraud because we prioritise safety and want to ensure our customers have the best experience.
Here are some ways that Remitano sees and monitors fraud:
1. KYC/AML Verification: All users must complete a Know Your Customer (KYC) verification process before buying or selling cryptocurrencies on our platform. This process includes verifying the user's identity, address, and other relevant details. The KYC/AML process helps us to prevent fraudsters from using the platform to conduct illegal activities.
2. Anti-Money Laundering (AML) Responsibility:Remitano secures users trading with its AML policy to protect our users from scams and other fraud risks. By implementing the Customer Identification Program and Customer Due Diligence Rule, we work hard to prohibit and actively prevent money laundering and other activities on the platform.
3. Two-Factor Authentication (2FA):Remitano requires its users to enable 2FA to add an extra layer of security to their accounts. This feature helps prevent unauthorised access to user accounts and reduces the risk of a hack or fraud.
4. User Rating System: Our system allows users to rate their trading partners based on their experience. This system helps to identify fraudsters and scammers who may try to use the platform to cheat other users.
5. Manual Review: Our team of professionals manually reviews suspicious transactions, and user accounts to identify and prevent fraud. We use automated tools and human intelligence to detect and investigate fraud.
Signs of a suspicious message
There are several signs of a suspicious message that you should be aware of; some of them include these:
An Unfamiliar sender: It could be a red flag if you receive an email or letter from someone you don't know or recognise.
Urgency or pressure: If the news tries to create a sense of urgency or pressure you into taking action quickly, be cautious.
Poor grammar and spelling: Many fraudulent letters are written in broken English or contain misspellings.
Suspicious links: Be careful of links within the message, significantly if they are shortened or lead to an unfamiliar website that might attempt to hack your credentials.
Requests for personal information: If the message asks for personal information such as passwords, bank account details, or social security numbers, it could be a phishing attempt.
Unusual attachments: Be wary of any attachments you weren't expecting or are from an unfamiliar sender.
Too good to be true: If the message offers something that seems too good, such as a large sum of money or a prize, it's likely a scam.
If you encounter any of these signs, proceed cautiously and take the necessary steps to verify the message's legitimacy before taking action.
What does Remitano do when we detect fraud within our customer base?
As stated in our terms and conditions, Remitano has the right to suspend your account for investigation when our automatic system or team of experts detects suspicious activities or receives a report related to fraudulent behaviour. Furthermore, as per regulatory law, we will bring all necessary measures to curb and prevent further damage; this includes:
1. Investigation: We will investigate to confirm details of the fraudulent events to determine the best course of action. The details collected during the investigation will act as evidence to support the legal action taken against the criminals.
2. Suspension: To prevent fraudulent behaviour and for external compliance, when the investigation has taken place, we will suspend the account(s) or block transactions involved in the fraudulent activities. We will also require the account owner to submit additional information and complete other verification or attestation actions to conduct Enhanced Due Diligence for investigation at our sole discretion.
3. Freezing the fraudulent funds/account and reporting to Authorities:Remitano is committed to complying with all relevant laws and regulations to protect our customers' interests. Therefore, we will freeze funds or accounts related to suspicious activities immediately without notice and report to the relevant law enforcement authorities in any applicable jurisdiction(s) as required.
What are some of the ways that Remitano has invested in security?
Remitano takes security very seriously and has invested in several measures to ensure the safety of our users and their funds from any hack. Here are some ways that we have invested in security:
1. Two-Factor Authentication:Remitano has implemented two-factor authentication (2FA) for all user accounts. It requires users to enter a code generated by an authentication app or sent via SMS in addition to their login credentials, adding an extra layer of security.
2. SSL Encryption: We use Secure Socket Layer (SSL) encryption to protect user data and transactions. This encryption ensures that data sent between the user's device and our servers are secure and cannot be intercepted by malicious actors.
3. Cold Storage: We store 80% of user funds in cold storage, which means we reserve offline in secure facilities not connected to the internet. It reduces the risk of theft by a hack or other malicious actors.
4. Regular Security Audits: We conduct regular security audits to identify and address any vulnerabilities in its system. Independent third-party security firms perform these audits to ensure objectivity.
5. KYC Verification:Remitano has implemented a Know Your Customer (KYC) verification process for all users. It requires users to provide proof of identity and address before using the platform, which helps prevent fraudulent activity.
6. Anti-Phishing Measures: We implemented anti-phishing measures to protect users from attacks. It includes educating users on identifying and avoiding phishing scams and implementing measures to detect and block phishing attempts.
Important Contacts When Trading With Remitano
If you believe your account is compromised by a hack, you can immediately launch an emergency lock on your account to prevent further activities. You can also contact Remitano at the addresses below:
To resolve a peer-2-peer trade issue - Reach us via in-app chat or email [email protected] immediately
To report a suspicious transaction - Reach us via in-app chat or email [email protected] immediately
To flag a suspicious message or website - Forward the email and website URL to [email protected]
