- I'm worried I've been the victim of fraud
- What are you doing to prevent fraud and scams?
- How do you keep my money and information safe?
With hundreds of millions of users every year, we completely understand your need to find the safest possible way of transferring your money.
That's why we offer as many tips as we can to help you avoid sending money to a scammer, or falling victim to fraud.
We also have a number of internal mechanisms in place to help us flag when something isn't quite right.
For example, you may find we temporarily pause your transfer while we await further information about you.
This is all in the name of keeping our service as safe as possible and maximising our opportunities to help you avoid fraud.
Read on for some more information about how we do this.
I'm worried I've been the victim of fraud
If you fear that you've become a victim of fraud, contact us immediately below.
If you're unsure about the credentials of your recipient, please read our tips on how to identify specific scams.
What are you doing to prevent fraud and scams?
Keeping you and your personal information safe is our greatest priority. We want to help you to protect yourself from fraud attempts and have written blog posts and published tips on our website to help keep you and your loved ones safe. We help people avoid…
- Phishing emails
- Banking and online account scams
- Online shopping scams
- Lottery, competition and inheritance scams
- Charity scams
We also offer fraud prevention tips, like the following easy advice which you can follow to stay safe:
Never transfer money to someone you don’t know: The person contacting you will claim to be legitimate, but if you don’t know them, think twice before sending money to them, and verify their identity before you transfer anything.
If someone claims that you need to transfer to their personal bank account for a charitable donation or a hotel stay, confirm with the organisation in question before making a transfer. If a stranger contacts you asking for a money transfer, your best bet is to just ignore them.
Go through official channels: Most charities will allow you to securely make donations on their websites, or will have a set system in place for making donations. Or, if you’re trying to settle a dispute with someone, get in touch with the support staff of the platform you’re using and ask them to help solve the situation.
Double-check everything: Verify the identities of everyone involved before you make a money transfer, and confirm that the situation you’ve been presented with is in fact reality.
Wait: Money transfer scams push you to transfer immediately. Step back to assess the situation and think about whether it makes sense.
Trust your gut: If something seems off, it probably is. Slow down, make a few online searches, and get the facts before letting someone push you into making a decision you’re not comfortable with.
How do you keep my money and information safe?
We’ve been in the currency business for over 25 years and keeping your money and information safe is one of our top priorities. We’re owned by the multibillion-dollar NASDAQ listed company Euronet Worldwide and adhere to regulatory standards in every country we operate in, along with having enterprise-grade security measures in place.
We’ve built up our reputation as a secure service on years of trustworthy transfers. We’ve processed over $115 billion in 170 countries for over 112,000 customers. We know the money transfer business, and we are committed to creating a perfect transfer experience for you.
Transferring large sums of international currencies between banks carries a great deal of responsibility, and calls for:
- State-of-the-art security, stable/scalable infrastructure, and infallible managed services.
- Access to services for Anti Money Laundering and fraud prevention.
- Deep, broad expertise in regulatory requirements international financial services.
- Knowledgeable FX corporate trading industry experts.
- App development and security geeks of the finest caliber.
- University interns from innovative educational institutions like the University of Waterloo.
- Understanding of risk management and the daily world events which influence currency valuation.
- We offer detailed information about our data protection principles, the data we collect, how we collect data and how we use your data.
We also inform you about your data protection rights and remedies as well.
As an international company, our business is mandated to meet regulatory standards such as:
- Europe's GDPR (General Data Protection Regulation)
- Canada's Privacy Act
- The US Privacy Act
Our corporate traders and forward contract options minimise the erosion of your money from fees and turbulent currency values.
In order for XE to meet our regulatory requirements as a financial services provider, we need certain identification documentation when our customers and prospects sign up for a free XE Money Transfer account. These regulatory compliance requirements include KYC (Know Your Customer) and AMLCTF (Anti-Money Laundering/Counter-Terrorist Financing).
These documents will be encrypted and stored securely based on regional regulatory requirements. XE is regulated by central banks and financial regulatory agencies the world over, including:
- The Australian Securities and Investments Commission (ASIC)
- The New Zealand Financial Markets Association (NZFMA)
- The Financial Transactions and Reporting Analysis Centre of Canada (FinTRAC)
- l'Autorité des marchés financiers (AMF) in the Province of Quebec
- US Department of Treasury Financial Crimes Enforcement Network (FinCEN)
- The Financial Services Authority in the UK
- European Securities and Markets Authority
Verifying your identity
The documents we accept for proof of identification vary by country, but often include:
- An original PDF image of your driver's license or passport.
- A scanned image of a bank statement, utility bill, or other documents which confirm the mailing address you provide at the time of registration.
- These files must be smaller that 5 MB in size, and be in one of the following formats: .jpg, .jpeg, .pdf, .png, .tif or .tiff.
For more information about verification, please read our guide to verifying your identity here.
You can find our Terms of Service for businesses and consumers, along with other helpful resources here.