What does Coinmerce do to prevent fraud?

Online fraud is increasing worldwide and for some criminals the use of crypto platforms to launder money is becoming more and more interesting. Coinmerce works day in day out to ensure the safety of the platform and prevent these types of fraudsters from succeeding.
Once a crypto transaction is completed, orders cannot be reversed, given the nature of cryptocurrency transactions.

But how does Coinmerce make sure that these fraudsters don‘t succeed on our platform and how do we make sure everything stays safe on our platform? In this article, we‘ll list everything for you.

What does Coinmerce to pretend fraud?

The most preventive measures are done internally at Coinmerce. These measures can‘t be made public, because we will make it easier for fraudsters to circumvent our systems this way. Coinmerce uses the best practices when it comes to fraud protection and follows European guidelines.

We also make use of identity verification, this allows us to know for sure who the person behind the purchase is and make sure no other names or account numbers can be used. We give the users of our platform the possibility to make just one account. Because users can only make one account, only one account number can be used and multiple accounts can not be associated with the one account.

Furthermore Coinmerce makes use of external security audits, this means external parties test our systems on safety and search for weaknesses in our system, this means we can handle immediately when something is wrong.

How is your account secured at Coinmerce?

At Coinmerce, we take the safety and security of our users' accounts extremely seriously. You can secure your account by using a strong password. Next, you set up two-factor authentication (2FA). 2FA is a security process where the user goes through two different authentication factors to authenticate themselves. 2FA protects both the login credentials and the resources the user has access to. We also recommend being alert to phishing and scammers.

How can you recognise fraud yourself?

In addition to doing everything we can to ensure our platform is safe, there are a few things you can keep your eye out for when it comes to fraud.
We have therefore listed some tips that can help you in the future:

  • Check to whom you send your money and make sure the person you sent the money to is really connected to the company.
  • Be critical of the company‘s environment, if it looks too good to be true, it probably will be.
  • Don‘t trust transactions that need to be made to third parties of the website.
  • Don‘t trust unrealistic returns on investments, do your research on other platforms before you make your choice