Fraud Policy

Effective Date: 9/13/2025
Last Updated: 9/13/2025

1. Purpose

The purpose of this Fraud Policy is to:

Define what constitutes fraud within Rizo App.

Establish responsibilities for preventing, detecting, reporting, and escalating fraud.

Provide procedures for investigating and managing suspected fraud.

Protect the assets, reputation, and integrity of Rizo App, its customers, and stakeholders.

2. Scope

This policy applies to:

All employees, contractors, consultants, and third-party vendors of Rizo App.

All customers and users of Rizo App’s services.

All transactions, systems, processes, and data managed by Rizo App.

3. Definition of Fraud

Fraud is defined as any act of deception, misrepresentation, or dishonest conduct intended to secure an unfair or unlawful financial or personal gain. Examples include (but are not limited to):

Unauthorized use of user accounts or digital wallets.

Identity theft or falsified KYC information.

Transaction manipulation, phishing, or social engineering.

Misappropriation of company or customer funds.

Insider collusion or abuse of system access.

4. Policy Statement

Rizo App has zero tolerance for fraud. We are committed to:

Preventing fraud through strong internal controls, monitoring, and awareness programs.

Detecting fraud through continuous risk assessment, audits, and technology-based detection systems.

Responding swiftly to all allegations of fraud through investigation, disciplinary action, and, where appropriate, legal proceedings.

Escalating and submitting details of confirmed fraud to the EFCC or other relevant law enforcement/regulatory authorities, as required by law.

5. Roles and Responsibilities

Executive Management: Provides oversight and resources for fraud prevention and response.

Fraud Risk Officer / Compliance Team: Responsible for fraud risk management, monitoring, investigation, and reporting to regulators such as the EFCC.

Employees & Contractors: Must comply with this policy, complete fraud awareness training, and report suspected fraud immediately.

Customers & Third Parties: Must provide accurate information and not engage in fraudulent activities.

6. Fraud Prevention

Fraud will be mitigated through:

Strong KYC/AML processes.

Multi-factor authentication for accounts.

Transaction monitoring and risk-based alerts.

Periodic internal and external audits.

Employee background checks and training.

7. Fraud Detection

Fraud may be detected through:

Automated transaction monitoring and anomaly detection.

Internal audits and controls.

Whistleblowing and reporting mechanisms.

Customer complaints and feedback.

8. Reporting Fraud

Any suspected fraud must be reported immediately to the Compliance/Fraud Risk Team via fraud@joinrizo.app.

Reports can be made confidentially and without fear of retaliation.

Anonymous whistleblowing channels will be provided where possible.

Where required, all confirmed fraudulent activities will be reported to the EFCC or other relevant authorities for investigation and prosecution.

9. Investigation Process

All reports will be promptly reviewed by the Fraud Risk Team.

Investigations will be conducted fairly, confidentially, and documented thoroughly.

Outcomes may include disciplinary action, termination of contracts, recovery of assets, and reporting to the EFCC or other competent law enforcement agencies.

10. Disciplinary Action

Employees found guilty of fraud will face disciplinary action, up to and including dismissal.

Contractors, vendors, or customers found engaging in fraud will have accounts suspended or terminated and may face legal prosecution.

Confirmed fraudulent cases will be escalated to the EFCC or relevant regulatory authority.

11. Awareness and Training

Employees will receive mandatory fraud awareness and anti-money laundering (AML) training.

Regular updates will be provided on emerging fraud risks and prevention measures.

12. Review of Policy

This policy will be reviewed annually or when significant changes occur in fraud risks, regulations, or business operations.

13. Approval

This Fraud Policy is approved by Rizo App’s Executive Management and is mandatory for all.

Rizo App Privacy Team
Email: hello@joinrizo.app
Phone: +2349022803039,+2348147823884
Address: 1A IHIALA STREET NEW HEAVEN ENUGU STATE NIGERIA