Compliance

Your Security, Our Priority: Protecting Your Global Payments.

At Polar Pay, we combine robust technological safeguards with diligent compliance to ensure your money is always safe and your transactions are secure.

Our Commitment to Security

At Polar Pay, safeguarding your business and your money is paramount. We implement a range of rigorous precautionary measures and operate under strict regulatory adherence to protect our esteemed clients from potential financial risks and fraudulent activities. Each transaction is transparent and traceable, and funds are sent directly to your designated destinations from our authorized and regulated bank accounts.

Our Commitment to AML/ CFT

We are fully dedicated to combating illicit activities like money laundering and terrorist financing. Our internal policies and advanced RegTech solutions are designed to comply with global AML/CFT standards, promoting accountability and deterring illicit financial transactions within the financial system.

General Protection Tips

By consistently applying these vital tips, you play a crucial role in significantly reducing your exposure to fraud, allowing you to enjoy a consistently secure and trustworthy remittance experience.

Choose trusted providers: Always verify the legitimacy of any provider before transacting, prioritizing regulated entities like us.

Protect your personal and digital information: Never share sensitive personal or financial details with unverified sources online or offline. Utilize secure communication channels and avoid public or unsecured networks for financial transactions.

Verify recipient details meticulously: Double-check recipient names, bank accounts, and contact information every time to prevent misdirected transfers.

Prioritize fund traceability: Always use traceable delivery channels provided by regulated services. Avoid untraceable methods such as cash or unregulated virtual assets for transfers.

Beware of unsolicited offers & high returns: Maintain extreme skepticism towards unsolicited high-return investment schemes or urgent money transfer requests, especially from unknown parties.

Guard against impersonation (Phishing/ Vishing/ Smishing): Independently verify the identity of callers, senders, or organizations. Be cautious of fraudulent attempts via email, phone, or SMS, and always call official numbers directly when in doubt.

Verify business legitimacy: Legitimate businesses have verifiable physical locations and clear contact information. Exercise caution when dealing with companies providing vague or unverifiable details.

Do not send money to unfamiliar individuals: Be highly cautious of requests for money from individuals met online, especially those quickly developing romantic or close relationships. Prioritize personal interaction and established trust for safer transactions.

Stay informed: Continuously educate yourself on common fraud schemes and learn to recognize their warning signs and red flags.

Protecting Yourself from Fraud

In response to ongoing fraudulent activities, Polar Pay is dedicated to helping prevent fraud. We firmly believe that preventing fraud is a collective responsibility. To assist you in recognizing signs of fraud and safeguarding yourself, we provide the following common fraud warnings and precautions.

  • Email scams, also known as phishing, involve scammers impersonating legitimate organizations or individuals to deceive recipients into revealing sensitive information. These deceptive emails may contain urgent requests or enticing offers, aiming to trick recipients into taking actions that benefit the scammers. Some scams involve stealing the counterpart's email and instructing victims to transfer money to the fraudster's account. It is important to exercise caution and verify email authenticity before sharing personal or financial information.

    Precaution Tips:

    • Exercise caution

    • Verify email authenticity

    • Don't share sensitive info

  • Scammers impersonate trusted authorities (e.g., police, government officials, bank representatives, or even Polar Pay staff) via phone calls (vishing) or text messages (smishing) to trick victims into revealing personal information, transferring money, or clicking malicious links. They often create a sense of urgency or threat.

    Precaution Tips:

    • Verify caller/sender identity independently

    • Do not share personal/financial details over unsolicited calls/SMS

    • Hang up and call official numbers directly

  • Identity thieves exploit personal information, such as identity card numbers, bank account details, and credit card numbers, to assume the identity of unsuspecting individuals and carry out fraudulent activities. They engage in a wide range of illicit activities, such as opening fraudulent credit accounts, depleting funds from existing accounts, filing false tax returns, obtaining medical coverage under false pretenses, applying for loans or mortgages in the victim's name, and making unauthorized purchases or transactions.

    Precaution Tips:

    • Guard personal information

    • Verify recipient details

    • Use secure channels

  • Scammers employ websites or online classified platforms to promote non-existent items like mobile phones, event tickets, or cars. Caution is advised when considering sending money in response to an online advertisement.

    Precaution Tips:

    • Be cautious of unsolicited offers

    • Verify business addresses

    • Avoid remitting to unfamiliar individuals

  • Scammers often deceive victims by making payments with fake (counterfeit) cheques and falsely asserting that the funds have been deposited, with the intention of pressuring victims to promptly fulfill contracts or agreements. However, these fraudulent cheques bounce at a later time, resulting in financial losses for the victims.

    Precaution Tips:

    • Verify fund deposit clearance

    • Be wary of prompt fulfillment demands

  • Scammers disguise themselves as legitimate organizations or businesses and entice unsuspecting victims with the promise of valuable benefits such as loans, credit cards, grants, investments, or inheritance money. To secure these supposed benefits, the victims are required to pay upfront fees. However, once the victim sends the requested payment through a money transfer service, they never receive the promised item or service. In reality, the loans, credit cards, grants, investments, or inheritance sums that were promised never existed. Once the scammers obtain the money, they vanish without a trace, cutting off all contact with the victim.

    Precaution Tips:

    • Be skeptical of high-return offers

    • Avoid upfront fees for loans/grants

    • Verify legitimacy

  • Scammers actively seek out potential victims on social media platforms and, once they establish a connection, they quickly pursue an online romantic relationship. Through manipulation and deceit, they invent various reasons to extract money from their victims. It's important to note that these scammers and their victims never meet face-to-face. Moreover, some scammers exploit their victims by fostering ambiguous relationships and then enticing them to invest in fake platforms. Initially, victims may experience modest returns, but as they invest more money, they eventually face substantial losses.

    Precaution Tips:

    • Be skeptical of quick online relationships

    • Avoid investing in unverified platforms

    • Prioritize in-person interaction

  • These scams often promise unrealistically high returns with little to no risk, frequently involving fake online trading platforms or cryptocurrencies. Scammers may pressure victims to invest quickly, show fabricated profits initially, and then disappear with the funds when larger amounts are deposited.

    Precaution Tips:

    • Be wary of guaranteed high returns

    • Research investment platforms thoroughly

    • Avoid pressure to invest quickly

    • Consult independent financial advice