Fraud Prevention Policy
Our comprehensive approach to detecting, deterring, and preventing fraudulent activities
Paymit Limited
At Paymit, we are committed to detecting, deterring, and preventing fraudulent activities that could compromise the integrity of our payment services. Fraud remains a significant challenge within the financial services sector, and as a regulated entity, Paymit implements robust measures to mitigate risks and safeguard customers, employees, and partners.
Last Updated: December 2024 | Policy Version: 2024.1
At Paymit, we are committed to detecting, deterring, and preventing fraudulent activities that could compromise the integrity of our payment services. Fraud remains a significant challenge within the financial services sector, and as a regulated entity, Paymit implements robust measures to mitigate risks and safeguard customers, employees, and partners.
Fraud can occur in multiple ways, including deceptive schemes targeting consumers or attempts to exploit Paymit's systems for illicit gains. This policy outlines the common fraud typologies that Paymit encounters and the security measures implemented to prevent fraudulent transactions.
Important Notice
Zero-Tolerance Policy
Paymit Ltd adopts a zero-tolerance policy towards fraud. All employees, customers, and partners must uphold honesty, transparency, and accountability.
This policy ensures that:
Proactive Detection
Fraudulent activities are identified and mitigated proactively.
Customer Protection
Customers are protected from financial crime.
Regulatory Compliance
Internal processes are aligned with UK regulatory obligations.
At Paymit Ltd, fraud prevention is a collective responsibility that involves senior management, the Money Laundering Reporting Officer (MLRO), and all employees. Each level of the organization plays a crucial role in ensuring fraud risks are mitigated effectively.
This policy adheres to the following laws and regulations governing financial crime and fraud prevention:
- Fraud Act 2006
- Bribery Act 2010
- Money Laundering Regulations (MLR) 2017
- Proceeds of Crime Act 2002
- General Data Protection Regulation (GDPR) and Data Protection Act 2018
- FCA and HMRC Regulatory Framework
Fraud Definition
Fraud is defined as an intentional act of deception to secure an unfair or unlawful financial gain.
Fraud Categories Include:
Theft
Unauthorized appropriation of funds or assets.
Identity Theft
Using stolen personal information for fraudulent transactions.
False Accounting
Manipulating financial records for deceitful purposes.
Bribery & Corruption
Unlawful financial incentives to influence decisions.
Conspiracy to Defraud
Coordinated fraudulent activities by multiple parties.
Customers and employees are encouraged to report any suspicious activity via Paymit's fraud reporting channels. Paymit will:
1. Investigate & Block
Suspicious transactions are reviewed by the compliance team and blocked if necessary.
2. Report to Authorities
Any fraud involving criminal activity is reported to Action Fraud. For vulnerable consumers or where there is a suspicion that a fraudster may be collecting funds in the UK, this will also be reported to the National Crime Agency (NCA).
3. Take Legal Action
Paymit reserves the right to take legal action against fraudsters, including terminating accounts found engaging in fraud.
Report Fraud
Contact Us
For any fraud-related concerns or to report suspicious activity, please contact our security team immediately.
Email: security@paymit.co.uk | Address: 85 Great Portland Street, First Floor, London, England, W1W 7LT
Need a Copy?
Download or print this fraud prevention policy for your records.