• What happens if I don't respond to messages sent by ZEN?

    At ZEN, we play with an open hand - we want our customers to know how we do things.

    There are many reasons why we may contact our customers. A significant part of these reasons relates to maintaining appropriate security standards, so if there is no response, we must take appropriate actions, such as:

    - withhold until further notice or reject the payment

    - restrict the use of some functionalities in the application

    - stop the flow of money through the account

    - initiate additional verification

    - block access to the ZEN application

    - as a last resort, even close the customer's account

    There are two main reasons why we may take the above actions:

    - to protect our customers from dangers

    - to comply with legal requirements

    If you notice that any of the above may apply to you, check your email inbox and look for messages from us. Also check your "Spam" folder, as your email automation may have determined that messages from ZEN are unwanted correspondence. If you still do not see a message from us, then write to us using this Form or at hello@zen.com and we will do our best to help.

  • Why was my transfer rejected?

    Payments may be rejected for a various reasons, including most often:

    - exceeding the time set for verification (e.g. the time given to us by the intermediary bank)

    - insufficient information in the answers provided

    - exceeding the level of established risk that the payment involved

    - inconsistent sender/recipient data

    - unclear reason for the payment

    - sending funds to countries flagged by international organizations as sanctioned or high-risk

    - other reasons, the details of which we cannot provide but their presence is to protect ZEN customers and their money

    Every financial institution, including ZEN, is obliged to conduct risk analyses.

    Verifications are routine and can occur at any time.

  • See our safety recommendations

    • Do not install remote device management applications (e.g. AnyDesk, TeamViewer) on the device you are using to access ZEN or another financial platform. This may allow fraudsters to take control of your computer/phone.
    • Never share payment information such as ZEN codes, SMS passwords, credit card details or personal information with others.
    • Verify trade and investment offers, especially those from unfamiliar sellers and companies. If their offer stands out significantly from others available on the market, it is most likely not real and could be a scam.
    • If you receive a phone call from a stranger who claims to represent a bank, regulator, law enforcement agency, government agency etc. and asks you to deposit money or provide personal information or passwords to your financial application, hang up and verify with the appropriate institution that the person actually works there.
    • Read online reviews about the company before you make a purchase or investment. Look out for warnings posted by consumer protection agencies and consult with a family member or other person you trust and who has the appropriate knowledge.
    • Never open an account at a financial institution at the request of another person or share your account information with them. Doing so could not only harm your reputation, but could also lead to you being charged with a crime committed by another person using your account.
    • If you believe you have become a victim of a scam or even suspect a fraud, please contact your local law enforcement authorities.

    For more useful information, visit the below websites:

    European Banking Federation - EN/multilanguage

    Financial Conduct Authority (United Kingdom) EN

    Komisja Nadzoru Finansowego (Republic of Poland) PL

    Scam types

     

    Investment scams

    When a stranger calls or writes to you and promises you quick and large profits by investing in cryptocurrencies/forex transactions

    Bank/regulatory agency scams

    When a stranger calls you and claims to work for a bank or another financial regulator and tells you that your funds are at risk. After that, they give you hasty instructions on how to secure them.

    Phishing scams

    These frauds include numerous scenarios, such as:

    - When you're given a link to the fake website that looks the same as originals. This may be a bank website or an online store

    - When you use services that don't verify user information in any way, so anyone may enter any name and information

    - When you bid on auction services and the seller contacts you offering to pay outside of the service or the buyer proposes a nonstandard payment method that requires you to provide your credit card number or other information to access the banking application (never give a stranger your 3-digit CVC/CVV security code)

    Money mules scams

    - When someone offers to pay you for opening an account on their behalf in ZEN or any other financial institution, or offers other benefits e.g. a loan, a job

    etc.

    - When someone expects you to make a transaction on their behalf or give them access to your account

    - When someone offers to pay you in any way for your ID document, your payment cards or other payment instruments or documents

  • Why do I have to follow the ZEN Terms of Use?

    ZEN Terms of Use is an agreement concluded between you and us. It sets rights and obligations both for you and us in relation to the use of our services. This agreement not only ensures compliance with the regulatory requirements, but also enables you to know what ZEN offers and what the rules of cooperation are.

    Violations of the rules of cooperation between partners in the financial system can result in restrictions for ZEN customers. In other words, the actions of one client that are inconsistent with ZEN's Terms of Use may expose other ZEN clients to loss of benefits. This is why we sometimes contact our customers to warn them of the possibility of losing the benefits of their ZEN account.

    For more on the consequences of breaking the rules, see our Terms of Use.

  • Where should I report if I think I may be a victim of fraud?

    If you suspect or already know that you have been a victim of fraud, write to us immediately at hello@zen.com or via chat. We'll make sure your account is safe and advise you on what to do next. Also, it is necessary to report to local law enforcement agencies.

    What to do next?

    ZEN, like any financial institution, works with law enforcement agencies (e.g. the Police) in many countries to work together to solve various cases. It is the law enforcement agencies that are responsible for searching for criminals and have the tools to do so. As soon as they report to us, we must give them all the necessary information so that they can complete their investigation more quickly.

  • What are the legal grounds for conducting the verifications?

    As ZEN.COM is licensed by the Bank of Lithuania and regulated by the respective EU regulations regarding financial markets and services, we are legally required to comply with the requirements imposed on us, as follows:

    - Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 "On the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC" with all its later changes and amendments

    - the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania

    - as well as other national legal regulations

    Among other things the above mentioned legal regulations requires us to:

    - identify and verify the identity of the customer and in cases where applicable his/hers authorized representatives and ultimate beneficial owners - collect information about the purpose and intended nature of business relationship, including to obtain the documents proving this information

    - periodically review and update customer's information about purpose and intended nature of business relationship

    - monitor customer's transactions and to obtain its grounds proving documents to ensure that transactions are not related to criminal activity, such as money laundering or terrorist financing

    Once again, we wish to emphasize that our inquiries are routine and are required by law. We do not collect any information other than that which is necessary to verify transactions, the identities of our clients and their associations.

  • What is the purpose of verifying the source of funds?

    Customer relationship monitoring is the responsibility of every financial institution. In short, regulations require us to understand where our clients' money comes from or how our clients generated their wealth.

    That's why sometimes we have to ask our clients some questions or ask for documents. Once we decide to write to you, we only ask what is necessary to complete the verification.

    International regulations have been prepared, based on different situations, in order to protect customers and payment systems (including the institutions involved) from threats such as money laundering and terrorist financing.

    Verifications of the Source of Funds are routine and can occur at any time.

  • Why is ZEN contacting me and asking questions?

    At ZEN, we focus on making sure you don't worry about a thing. Our automatic monitoring systems run 24/7. They verify thousands of payments in real time to keep each of our customers safe. These automatic verifications run in the background, like an anti-virus on your computer.

    Sometimes, however, something may be unclear to us and we need to contact for more information. The safety of you and your money is our priority!

    Verifications are routine and can occur at any time.

  • Why was my transfer stopped?

    Before money reaches the recipient, it can pass through up to several intermediary institutions, including, for example, intermediary banks or payment operators. Each of these institutions has its own security systems, which are tailored to local or global threats and regulations.

    ZEN, like any financial institution also has a number of security systems. We take security matters very seriously.

    There are many other reasons why we need to check payments, and below you can find some examples of them:

    - we have been contacted by an intermediary bank that needs additional information

    - there may have been an error in the transfer data (e.g., the recipient's or sender's data are missing or are incomplete)

    - we check that the money you send does not go, for example, to suspicious companies

    - we protect you from falling victim to scammers and swindlers

    - Your name may be associated with public figures (e.g. politicians or their families) and we need to monitor these individuals more closely

    Payment verifications are routine and can occur at any time.

  • Why do they ask me if I am affiliated with a PEP?

    People in exposed public positions (e.g., politicians, judges, local government officials and their families) are so-called PEPs (Politically Exposed Persons). Due to their functions and the decisions they make, they are exposed to risks, such as manipulation or attempts to pay bribes. Therefore, regulatory rules dictate that every financial institution must make sure whether its clients are PEPs or not.

    If you have received such a question from us, and you are not a PEP, or do not have a PEP in your closest family, it is most likely that your name is very similar to someone who holds such a position and it is our duty to check this.

    Politically Exposed Persons and their families can apply for a ZEN account but must meet additional requirements.

  • Why should I provide information about the sender or recipient of the transfer?

    As a licensed financial institution which provides payment services to its customers we are obligated to follow legal requirements. One among these is the Regulation (EE) 2015/847 of the European Parliament and of the Council of 20 May 2015. According to its provisions the payment transfers must accompany with the information about the sender (payer) such as his name, account number, etc. and recipient (payee) such as his name and account number. Provision of this information not only make the payment transfers compliant with regulatory requirements, but also ensures smooth execution of them. Besides this, provision of information about the sender (payer) and recipient (payee), allows to, for example:

    - we check that the money you send does not go, for example, to suspicious companies

    - we protect you from falling victim to scammers and swindlers

    - Your name may be associated with public figures, (e.g. politicians or their families) and we need to monitor these persons more closely

    Payment verifications are routine and can occur at any time.

  • Why should I verify my identity?

    ZEN is a financial institution, and one of the primary responsibilities of financial institutions is to determine who their customers are. This happens not only at the time of account opening, but also periodically during the course of an already established relationship. Therefore, from time to time, our customers may be asked to answer a few questions or resubmit identity documents.

    Please note that the verification process is powered by the external service provider - iDenfy.

    Verifications are routine and may occur at random times.

     

    Verification tips

    - make sure that the document you have matches the selected document type

    - check that the data on the registration form matches the data on the document

    - verify that the document isn’t damaged, invalid, or expired

    - fit the document into the frame so that all four corners are visible

    - do not scan the document and your photos in any other way (e.g., from a computer screen)

    - ensure the photo of the document is of good quality (the photo should not be blurry or out of focus)

    - place your face right in the indicated frame to scan it correctly

    - do not cover any part of the document or your face