Fraud Prevention
Fraud is a major risk for everyone
At Sapphire FX we work 24/7 to keep your account and money transfers safe from fraudulent activity, but it’s vital that you flag any suspicious transactions to our support team immediately.
Did you know?
Fraud is the most commonly experienced crime in the UK, accounting for 40% of all crime in England and Wales. According to the Office of National Statistics, it was the most common crime type between April 2022-March 2023, with an estimated 3.5 million incidents of fraud experienced by adults aged 16 and over.
At Sapphire FX we have implemented various security measures to try and prevent fraud and protect our customers. However we highly recommend you also take preventative measures, so by following these steps you could protect your transactions from external threats.
It’s imperative that you thoroughly check that the person you’re paying is genuine and that the account details you’ve been given are correct.
Unfortunately, it must be noted that Sapphire FX can’t always recover money that’s been sent to a criminal.
PLEASE ENSURE TO READ OUR FULL SECURITY & PREVENTION PDF
See link: Sapphire FX Security & Prevention
Reporting Fraud to us
If you notice something suspicious or think you may have been a victim of fraud, please let us know as soon as possible by emailing us at: compliance@sapphirefx.co.uk
Protecting you from fraudulent activity
At Sapphire FX we’re confident in the security systems we have in place to help fight fraud.
But it’s vital that you stay vigilant too.
Our Fraud FAQs provide lots of useful information about protecting yourself from fraud, while our Help with fraud section has links to useful organisations.
Remember, an offer being too good to be true, being asked to send money out of the blue or being put under time pressure can all be warning signs. Never send a payment if you have any concerns and contact us immediately if you do – we’re here to help.
We can accept no responsibility for funds being sent to the wrong account based on the content of a fraudulent email, so always verify that any payment details sent or received by email are genuine, using a trusted source.
Fraud FAQs
The below list of FAQs isn’t a full list but it gives you an idea of the type of questions you should be asking. You’ll find more on this in our Scams to watch out for section;
I think I’m the victim of a scam in connection with my Sapphire FX account. What do I do?
Contact Sapphire FX immediately on t: +44 (0) 1268 696502 or email us at: compliance@sapphirefx.co.uk You can also report fraud to the police via Action Fraud using their on-line reporting tool or by calling 0300 123 2040. If you’re not based in the UK, inform the police or anti-fraud authorities in your own country.
What can I do to protect myself against fraud?
These are some key actions you can take…
- Keep all your personal ID documents (passport etc.) locked away and secure. The details in these documents can be used to steal your identity. Be extremely careful about who you share your personal details with as they can be used to set up accounts in your name.
- Never share answers to security questions or passwords with anyone and don’t write them down.
- If you’re sending money to us or to anyone else, double-check the bank account details before making the payment. Do this by getting the details direct from a trusted source. You can access our bank details securely through our online service and app. Consider sending a small payment first to check that the money has gone to the correct account.
- If you’re buying property or making an investment, check the validity of the property or investment opportunity. Be wary of glossy brochures, celebrity endorsements and big promises.
- Visit the Take Five to Stop Fraud website and read their advice on protecting yourself from scams.
How do I spot someone trying to de-fraud me?
We’ve listed a range of red flags based on different transfer requirements in our
Scams to watch out for section.
It’s crucial that you take the time to check that your payment isn’t falling into the wrong hands.
Scams to Watch out for
The red flags and warning signs to look out for can differ depending on the reason for your payment.
Below are some of the main things to be wary of; (Please click the + icon to show our steps to take)
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Payments to friends, family, or someone you’re in a relationship with
Instances of relationship fraud have increased enormously in recent years. - Be particularly careful about sending money to someone you’ve never met in person, especially if you made contact via a dating app. Are they now asking for help with medical fees, housing or travel costs? Are they genuine? Also beware impersonation scams, where you’re asked to send money to a family member who’s in trouble. Always contact that relation independently to check that a fraudster hasn’t got hold of their phone or hacked their social media accounts.
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Making payment for goods or services globally
Have you checked that the goods exist, and that the supplier is genuine? Be wary if you’re asked to pay a deposit or a big fee up-front as this could be an advance fee scam. Where possible, always check online reviews and get an invoice before paying anything. Have you met the supplier? Do they have a registered business address? Are the contact details given by the supplier vague (maybe just a PO Box and a mobile or premium number)? Always verify that the person or business you’re dealing with is legitimate before sending a payment.
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Paying estate agent or legal fees or some other bill
Fraudsters can intercept payments and redirect money to their own accounts, often by sending out a false invoice or email featuring their own account details. Make sure that the account details you’re paying into are genuine and think about sending a small payment first to check that the money has gone to the right place. This type of fraud is a particular risk in the property and real estate sector.
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Funding an investment
If an investment sounds too good to be true (high returns and low risk), it could turn out to be a scam. Be wary of dealing with any company that approaches you out of the blue and always check that the property or investment you’re buying exists. Is the broker willing to supply his/her copy ID? Does the company promoting the investment have a registered business address? Are the contact details vague (maybe just a PO Box and a mobile or premium number?) What do the online reviews say? Are you being put under pressure to buy? Always check the FCA Register to see if there are any warnings about the individual or company you’re dealing with and look at the FCA’s Warning List. Seek advice from an FCA regulated firm before going ahead.
Help with Fraud
You can get additional help and advice on fraud from the following organisations:
Contact Us
Sapphire FX Registered Office:
71-75 Shelton Street
Covent Garden, London
WC2H 9JQ
T: + 44 (0)1268 696502
(All calls are recorded)
For clients based in the European Economic Area, payment services for Sapphire FX Ltd are provided by CurrencyCloud B.V. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).
For clients based in the United Kingdom and rest of the world, payment services for Sapphire FX Ltd are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
For clients based in the United States, payment services for Sapphire FX Ltd are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.