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Risk Warning - Notice to UK Users  

Estimated reading time: 2 mins

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1.You could lose all the money you invest

The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.

The crypto asset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2.You should not expect to be protected if something goes wrong

The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.

The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here.

3.You may not be able to sell your investment when you want to

There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.

Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your crypto assets at the time you want.

4.Cryptoasset investments can be complex

Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.

You should do your own research before investing. If something sounds too good to be true, itprobably is.

5.Don’t put all your eggs in one basket

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

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Security

‍Protect yourself from fraud

In light of the recent rise in online fraud and scams, we’ve created this page to help you be more prepared, and empower you to identify the latest scamming techniques, and assist you in protecting yourself from malicious intent.

With the rise of advanced fraudulent tactics, criminals are becoming more skilled at stealing funds, making it challenging for customers to identify them and raising the risk of being misled.

To combat this, Tap regularly evaluates its systems for preventing fraud and scams, while also working to develop and implement new solutions that can counter the latest tactics and safeguard its customers.

We hope the information on this page will help you stay informed and take proactive steps to prevent fraud and scams from affecting you and what to you if you have fallen victim of it.
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Fraud vs scams

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Examples of fraud and scam techniques
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Online fraud is a growing concern, and criminals are using increasingly sophisticated techniques to defraud people of their money. Below we look at several techniques that fraudsters are using to obtain access to funds. 

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Authorized push payment (APP) fraud

One of the latest fraud and scam techniques is authorized push payment (APP) fraud, where scammers trick people into transferring money to another account. Investment scams, charity scams, romance scams, and impersonation scams are some of the most common forms of APP fraud. 

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Card fraud

Card fraud is another prevalent technique where criminals use stolen debit or credit card details to access your money. This might be done through online purchases, through delivery apps or through an ATM. 

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Delivery fee fraud

Delivery fee or customs fraud is a common sophisticated tactic that scammers often use to trick you into providing personal information by pretending that a package is stuck in customs or a delivery has failed. Stay vigilant and always verify the authenticity of the communication before sharing any sensitive information.


Software fraud

One form of fraud involves tricking individuals into downloading software, such as a mobile or desktop app, that grants unauthorized access to their online or in-app accounts. This allows fraudsters to assume control of the account and transfer funds. Typically, remote access software is used to execute these scams and gain control of banking and finance applications.
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CEO fraud

Fraudulent activities can also harm businesses. One prevalent method used by criminals is CEO fraud, where scammers impersonate high-ranking officials within an organization to manipulate victims into making unauthorized fund transfers. Such scams often exploit the urgency of the situation to pressure victims into immediate payment.
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It is essential to remain vigilant and take steps to protect yourself from online fraud by being aware of the latest techniques and staying informed about how to keep your personal and financial information safe.
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How Tap protects you from fraud


Here are just some of the ways Tap protects its users from fraudulent activity:

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Two-factor authentication

Customers accessing Tap via the mobile app are asked to provide either a PIN or passcode or biometrics (i.e. fingerprint or facial recognition). Users are also able to set up two-factor authentication (advised) to ensure that only authorized users can make transactions.

When making any transactions on the Tap app, users will receive an OTP via SMS or phone call depending on their preference to the registered phone number. The OTP will need to be entered into the mobile app before a money transfer is executed.
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Transaction verification - 3D secure

When making online card purchases, if transaction verification is requested by the merchant, Tap sends a notification to its users, which asks them to open the app and confirm the request before the payment can proceed. This feature is available throughout the European area in countries with existing regulations that require 3D Secure implementation.

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In-app review of transactions

Tap offers an in-app review of all transactions either through individual wallets or a statement that can be accessed in Settings. Should users notice any suspicious transactions, they can immediately flag this through the app and freeze their card. 

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Education and communication

Always carefully review the alerts and information we provide. These alerts on based on our automated and integrated security system which identifies suspicious fraudulent activity. Always double-check the payment details and the amount before engaging in any payment activities. 

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No unsolicited calls

Finally, remember that Tap will never contact you over the telephone. Instead, users can engage in support issues via email (Support@tap.global) or the in-app chat, available Monday - Sunday, 9 am - 6 pm CET. To report a stolen card, users can call our emergency card line : +350 2250 2049, however, Please note that this service does not provide any support services.

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How to protect yourself from fraud
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When shopping or managing finances online, it's important to take precautions to protect your personal information from fraudsters. Here are some tips to keep in mind when using Tap:

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  • Always use a private WiFi network to access your Tap mobile app. Public WiFi networks may compromise your security and leave you vulnerable to hackers.
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  • Set up two-factor authentication, you can do so in Settings. 
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  • Only use your card for purchases at reputable and reliable retailers whose website URLs start with https and have a padlock icon indicating they are secured with a digital certificate.
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  • When shopping online, be wary of any offers or prices that seem too good to be true.
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  • Do not disclose any personal information, particularly PINs, passwords, or one-time passcodes over the phone, social media channels or online chat support. Tap will never ask you for this information. Be particularly wary of anyone pressuring you for this information. 
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  • Avoid following links in unprompted emails or texts, rather type the website address directly into your web browser. This could likely lead to a phishing scam where the scammers gain your personal log-ins.
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  • Always log out of websites once you're done using them and avoid storing your card details online. 
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  • Be cautious if fraudsters ask you to pay by bank transfer instead of card payment. Confirm that the bank details match that of the recipient before making the transaction.

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What to do if you suspect you have fallen victim to fraud
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If you suspect that you have made a payment to a fraudulent source, immediately contact Tap through the app (available Monday - Sunday, 9 am - 6 pm CET) or via email (Support@tap.global). We will advise the best action to take from there.

We encourage you to also report this to the authorities so that the account can be blacklisted and others can be spared. 

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