1. Purpose & Scope
This Fraud Prevention & Reporting Policy (“Policy”) applies to all business and individual users of Parlypay.com across Nigeria, the United States, and other foreign jurisdictions. It establishes the rules, obligations, and consequences regarding fraud, fraudulent activities, and suspicious behaviour on the platform.
The goal is to:
- Protect Parlypay’s ecosystem, users, and partners.
- Comply with international fraud, anti-money laundering (AML), and counter-terrorism financing (CTF) obligations.
- Shield Parlypay from liability by assigning responsibility for fraudulent acts to the offending party.
2. Definition of Fraud
Fraud includes, but is not limited to:
- Providing false, misleading, or stolen identity or business information.
- Engaging in unauthorised access or use of accounts, wallets, or payment instruments.
- Using the platform for money laundering, terrorism financing, or illegal remittances.
- Creating fake accounts or misrepresenting business relationships.
- Manipulating transactions to deceive other users, Parlypay, or regulators.
- Any other activity considered fraudulent under Nigerian law, U.S. law, or international regulations.
3. User Responsibilities
By using Parlypay, all users (businesses and individuals) agree to:
- Provide true, complete, and verifiable information during onboarding (KYC/KYB).
- Use the platform only for lawful, verifiable business or personal purposes.
- Immediately report any unauthorised or suspicious activity.
- Cooperate fully with Parlypay, regulators, and law enforcement in fraud investigations.
- Acknowledge that PartlyPay is not liable for losses caused by user negligence, collusion, or fraudulent conduct.
4. Parlypay’s Fraud Prevention Measures
Parlypay employs a multi-layered fraud prevention framework, including:
- AI-powered fraud detection and monitoring.
- Real-time transaction monitoring (AML/CTF aligned).
- Two-factor authentication (2FA) and identity verification tools.
- Blacklisting and reporting fraudulent users to regulators.
- Periodic audits of user accounts and activities.
5. Reporting & Investigation
- Internal Review: All suspicious transactions or accounts will be flagged and investigated.
- External Reporting:
- Nigeria: Suspicious activity will be reported to the Nigerian Financial Intelligence Unit (NFIU), CBN, and other relevant regulators.
- USA: Reports will be filed with FinCEN, the Office of Foreign Assets Control (OFAC), and other applicable authorities.
- Other Jurisdictions: Reports will be made to local regulators, in line with FATF standards.
- Freezing of Accounts: Parlypay reserves the right to freeze or restrict accounts pending investigation.
6. Consequences for Fraudulent Users
If an individual or company is found guilty of fraud:
- Immediate account suspension or permanent termination.
- Reporting to regulators, financial intelligence units, and law enforcement.
- Seizure, withholding, or reversal of fraudulent transactions (where permitted by law).
- Civil or criminal prosecution under applicable national and international laws.
- Inclusion in global fraud blacklists and databases.
7. Limitation of Liability (Parlypay Protection Clause)
- Parlypay shall not be held liable for any losses, damages, claims, or penalties arising from fraudulent acts committed by users or third parties.
- Responsibility for fraudulent actions rests solely with the perpetrating user.
- Users indemnify and hold harmless Parlypay, its affiliates, officers, and employees from any claims arising from fraudulent or unlawful use of the platform.
8. Cross-Border Enforcement
Parlypay cooperates with regulators, central banks, and international agencies across Nigeria, the USA, and other jurisdictions. Fraudulent users may be subject to:
- Cross-border asset tracing and recovery.
- Extradition or international prosecution.
- Permanent global ban from Parlypay and partner platforms.
9. Policy Updates
This Policy will be reviewed annually or as required by updates to Nigerian, U.S., or global fraud prevention laws. Parlypay reserves the right to amend this Policy at any time, and continued use of the platform constitutes acceptance of updates.