CurrencyFair Fraud Victim Response Guide
If you suspect that you have become a victim of fraud, including Authorised Push Payment (“APP”) fraud, immediately contact your bank to request a transaction recall and submit a fraud report to CurrencyFair’s Customer Support team via email.
Provide a bank statement showing the disputed transaction, third-party correspondence, and any police report (e.g., filed with a police force in your jurisdiction). Secure your account by resetting passwords, and avoid further contact with suspected fraudsters.
CurrencyFair's Response Process
- Initial Alert. Fraud-related cases may begin when we receive a report from a customer or an alert from our banking partners or transaction monitoring systems. These alerts typically relate to unauthorized transactions, phishing attempts, or unusual account activity. Once we are alerted, our Fraud team logs the case immediately.
- Investigation. Our team conducts an initial review to assess whether the reported activity warrants escalation. This includes verifying customer identity, checking login history, reviewing IP addresses, and scanning for suspicious patterns (e.g., rapid fund transfers, unusual device/browser behaviour). If the report is deemed credible, we move the case into a formal investigation process.
- Funds Verification. We check if the disputed funds are available. If so, the money will be returned to your originating account within one business day, and the transaction will be marked as "Fraud recall accepted". If funds are unavailable, the status becomes "Fraud recall declined".
- Account Review. We lock your account for anti-money laundering (“AML”) checks, review your transaction history/KYC documents, and coordinate with banking partners. If fraud is confirmed, we apply additional locks (e.g., "Confirmed Fraud") and file a Suspicious Transaction Report (“STR”) with our Compliance team.
- Partial/Exchanged Funds. If funds were partially spent or converted, we reverse exchanges to the original currency, deduct remaining balances, and block withdrawals until our Compliance team approves the recall.
- Reporting & Recovery. CurrencyFair reports fraud periodically to the regulators (the Central Bank of Ireland) and partners (e.g. Moorwand Limited), and collaborates with the banking partners to trace funds. Suspected fraud cases may be reported to the police. Fraud cases are also periodically reported internally to the Executive Risk Committee.
- Customer Updates. You will receive real-time case updates via email. If CurrencyFair’s systems contributed to the loss, the Compliance team oversees restitution. For unresolved cases, legal counsel may be required.
This process aligns with CurrencyFair’s global fraud management framework, prioritising speed, transparency, and regulatory compliance.