Simple Steps to Educate Employees and Prevent Fraud
Updated: May 23, 2022
We wanted to take this opportunity to alert you to certain activities going on in the market so
you can train your staff to prevent any of these situations from occurring at your store(s). These schemes are occurring industrywide and not just with any particular vendor. Unfortunately, many of the instances have fallen under the “Inside job” category, which is why it is important for you to be aware.
These schemes, which typically occur between 3:00 a.m.-6:00 a.m., work as follows, with slight differentiations but in similar fashion:
Outside Job
A person walks into the store and tells the clerk he/she has the store owner on the phone. and the instructions are for the clerk to give the person all the money in the till so they can buy Bitcoin.
Person takes the money from the clerk and proceeds to buy Bitcoin.
Money is gone - we do not have the ability to retrieve the funds or cancel the transaction.
Inside Job
Clerk takes money from the till and buys Bitcoin.
Calls the owner/manager and tells them a “criminal” walked into the store and demanded they give all the money in the till to the person to either pay for a debt the owner has or as form of ransom.
Clerk usually opens account under their own name and buys Bitcoin with the money.
Here again, the cash is gone since we cannot reverse transactions once they are completed.
3 Simple Steps to Prevent Fraud
We believe these schemes are very easy to eliminate by implementing simple controls within your locations:
Alert your Employees that these types of schemes are taking place.
Inform your Employees not to follow any instructions unless they come directly and personally from you.
Report any Suspicious Activities to the authorities.
Internal Compliance & Control Policies
We have very stringent internal compliance and control policies in place that allow us to easily identify perpetrators and furnish their information to the proper authorities, this includes registering each customer at our machines and taking pictures of every customer that conducts business at the kiosk. Additionally, we comply with all federal and local regulations pertaining to Anti-Money Laundering (AML), Know-your Customer (KYC) and fully cooperate with local and federal agencies reporting suspicious activities and cooperating with law enforcement agencies when required.
Thank you for being part of our growing family. We hope that this information has been helpful. If you have any questions, please contact a member of our staff.