Press Release: XCOINS.IO Expands Its Team to Combat Social Engineering Fraud

Source:
Press Release

US, March 28, 2017 at 12:22 UTC

Santa Monica, CA, March 27, 2017 – xCoins.io expands the fraud protection and customer support teams, moves to new offices in Santa Monica, CA, the former Google's office building in Silicon Beach.

xCoins.io, a peer-to-peer marketplace, provides users quick access to bitcoin, which is faster and more convenient than the typical cryptocurrency exchanges. The system was designed from the ground up to automate most of the processes. Instead of manually sifting through offers, a user in need of bitcoin can simply enter the required amount, and xCoins.io will automatically find the best offer. The user can then make a payment and receive bitcoin instantly. There is no wait for the other party to perform verification or to release bitcoin.

But, the company goes one step further than simply connecting users who need bitcoin with potential bitcoin providers.

xCoins.io also performs fraud screening and customer support for all of the transactions placed through its web portal.

Similarly to the marketplace automation, xCoins.io performs various automated fraud checks for each transaction to protect its customers. However, even the most sophisticated automated fraud defenses are vulnerable to social engineering attacks, where the user is tricked by a scammer into willingly giving away his or her personal information.

Interpol identifies social engineering fraud as one of the fastest growing fraud trends. Combined data collected by international law enforcement agencies indicate that losses from social engineering fraud exceeded $1.2 billion in 2016 worldwide.

A typical social engineering attack would begin with an unknown person calling a victim at home and posing as an employee of a well-known company, such as Facebook or Best Buy. The scammer would then inform the victim that the latter had some problem with his or her computer or Facebook account, and convince the victim that it needs to be repaired. In the process of "fixing" the computer or account, the imposter would say that a payment had to be made at the xCoins.io website. The unsuspecting victim would pass all the verification steps as instructed by the scammer and make the payment to receive bitcoin. And as expected, the scammer would then withdraw that bitcoin into his wallet.

Bitcoin exchanges that offer users the ability to buy bitcoin with credit card or another payment method are primary targets for these attacks, as cryptocurrency can be easily converted to cash.

Similar types of fraud as the one mentioned above are undetectable by automated systems, as all victim's information is in order and the user's IP address, email address, or device fingerprint are not previously reported in other scams. To combat the social engineering fraud, xCoins.io employed additional fraud screening personnel, which places confirmation telephone calls to all first-time users to verify that they have indeed authorized a payment in order to receive bitcoin.

The new customer support and fraud protection team is now located at the new xCoins.io office in Santa Monica, CA, the former Google's office building in the neighborhood known as "Silicon Beach."

As a result of the expansion of the support team, the company's average support response time has been significantly reduced. Now, users get responses to their inquiries in no longer than 24 hours, often much quicker. This makes xCoins.io support among the best in the bitcoin industry, where much longer support response times are the norm.

The company's automated fraud checks and the expanded fraud protection team virtually eliminate all incidences of fraud on xCoins.io platform, making it the safest bitcoin marketplace in the industry.

About xCoins.io

xCoins.io is a privately held company based in Santa Monica, CA. By leveraging crypto currency technology and implementing exceptional user experience, xCoins.io makes bitcoin available to anyone quickly and with superior convenience.

 

https://xcoins.io

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Press Contact

  • Name

    Michelle Kim
  • Email address

    press@xcoins.io
  • Phone number

    310-589-4556