IFX (UK) Ltd is referred to hereon as “IFX”, “we” or “us”.
Company information
IFX Payments (DIFC) Limited, trading as IFX Payments, registered in the Dubai International Financial Centre (DIFC). Registered Number: CL8834. Registered Offices: Unit 31-45, Central Park Offices, DIFC, PO Box 507009, Dubai, UAE. IFX is authorised and regulated by the Dubai Financial Services Authority (FRN F009827) for the provision of custody and money services.
Data privacy
As a DIFC company, IFX is subject to the remit of the DIFC Commissioner of Data Protection . For more information, please see our Privacy Policy. In the event you wish to contact IFX regarding the processing of your personal data, please contact: privacy@ifxpayments.com.
Provision of information on this website
The information on this website does not constitute, and should not be construed as, financial product advice or a recommendation to buy, sell or otherwise transact in any financial product including, but not limited to, foreign exchange contracts and payment services.
Protecting yourself against fraud
As a global foreign exchange and payment solutions provider, we place the utmost importance on fraud prevention and protection. We are dedicated to ensuring the safety and security of our customers' personal and financial information, and we have implemented various measures to safeguard against fraudulent activity.
We utilise advanced fraud detection tools and technologies to monitor transactions for suspicious activity, regularly review and update our security protocols, and educate our staff and customers on best practices for preventing and reporting fraud.
We also advise our customers to take proactive steps to protect themselves against fraud, such as regularly monitoring their accounts and reporting any suspicious activity immediately.
We are committed to maintaining the highest level of security and confidentiality for our customers. We will continue to invest in and improve our fraud prevention efforts to ensure a safe and secure online experience for all. Our commitment to fraud prevention and protection is further reinforced by our compliance with all applicable laws, regulations, and industry standards related to fraud prevention and data security.
Have you been a victim of fraud?
If you suspect you have been a victim of fraud, we advise you to report it immediately to our team via complaints@ifxpayments.com.
When you contact us, we will investigate your suspicions and where possible take necessary steps to prevent others from falling victim to the same scam.
You can also report any information you have about fraud or possible scam to the DFSA through the DFSA complaints portal.
Fraud alerts
Please be aware that fraudsters use ever-changing methods of defrauding payment service users. A few examples are set out below:
Account takeover
Account takeover is a type of fraud where criminals gain unauthorised access to a customer's account, typically through phishing scams, social engineering, or various forms of hacking to trick the account holder into providing sensitive information.
Once a criminal has access to an account, they can steal funds, make unauthorised transactions, or change the account details to lock the legitimate owner out of their account, causing significant financial losses.
Preventative measures include implementing strong authentication measures and security protocols such as multi-factor authentication, monitoring for suspicious login activity, educating customers, and having a response plan and a refined procedure in place for notifying affected customers and law enforcement agencies.
Cyber fraud
Cyber fraud refers to any fraudulent activity that takes place online and typically involves using the internet or technology to deceive individuals and organisations into providing sensitive information.
It includes phishing scams, identity theft, hacking, and malware attacks. Cyber fraud can be committed by individuals or organised groups who target vulnerable entities lacking adequate security measures.
Examples include email scams requesting, fake websites, and ransomware attacks, leading to financial loss, reputational harm, and legal consequences.
To prevent cyber fraud, keep software up to date, use strong and unique passwords, be wary of suspicious emails and messages, use two-factor authentication and keep sensitive information private.
CEO email fraud
CEO email fraud, also known as business email compromise, is a type of cyber fraud where criminals impersonate a CEO or another high-level executive to trick employees and partners into transferring funds or sensitive information, causing significant financial losses and reputational damage.
The fraudster creates an email address similar to the targeted executive's by slightly altering the domain name, then requests urgent payment or transfer from the finance or accounting department, and uses various tactics to create a sense of urgency or authority by claiming the requested funds are needed to close a critical deal. The funds will then be sent to the criminal’s account through a series of intermediaries or shell accounts. These are often difficult to trace.
To prevent this fraud, payment firms should implement strict authentication protocols for all financial transactions including multiple levels of approval, educate employees, conduct regular security audits, and have a response plan in place for recovery of stolen funds and notifying law enforcement.
