How are you combatting fraud? What plan is in place for abuse?
We currently have Trulioo as our KYC & AML provider. Each user must complete our KYC process, when crossing specific thresholds on the platform, depending on the amount transacted and their actions. Additionally, the admin can review all users who failed KYC and has the ability (and holds the legal right) to ban users from the platform and/or report them to the relevant authorities. Platform Admins work in conjunction with our in-house AML Officer.
Our current implementation of KYC checkpoints for users in accordance with our payment processing provider Circle, are summarized below.
KYC is triggered for the user only once per user when ANY of the following are true:
- When user attempts to make a purchase (prior to payment) greater than $500.00
- When user is attempting to withdraw funds to external bank account
- If the sum of a user’s expenses in the last 24hrs are greater than $2,000.00
- If the sum of a user’s lifetime expenses are greater than $10,000.00
- When a user attempts to list an item for sale on the secondary marketplace for an amount greater than $500.00
- When the sum of a user’s listing of items within a 24 hour period is greater than $2,000.00
- When the sum of a user’s listing of items over the lifetime of the account reaches $10,000.00
- KYC can be manually run on all users who have previously had KYC run on them in the past and will be run on relevant users when OFAC Sanctions lists, PEP lists, and various other lists are updated periodically throughout the year.
KYC is triggered automatically when anyone attempts to withdraw funds to an external bank:
- If the user has triggered and completed our KYC process in the past, then this will happen in the background without the users’ knowledge
- If the user has not triggered and completed our KYC process in the past, they must complete our KYC process
We don’t support the following:
- Financial transactions greater than $500.00 USD for non-U.S. based customers (with the exception of users located in Canada)
- Any users found on the OFAC sanctions list, PEP, and various other watchlists