+234 703 975 3259 support@konetos.ng Asaba, Nigeria
Security & Compliance

Security Policy & KYC Verification

This Security Policy and KYC Verification System outlines the measures Konetos uses to protect users, prevent fraud, ensure regulatory compliance, and maintain platform integrity.

By using Konetos, all Users agree to comply with this policy.

Effective Date: 01/05/2026

Part 1: Security Policy

1.1 Purpose

The purpose of this Security Policy is to safeguard:

  • User accounts and personal data
  • Financial transactions and escrow funds
  • Platform infrastructure and services
  • Trust between Clients and Artisans

1.2 Account Security

Users are required to:

  • Maintain strong, confidential passwords
  • Enable multi-factor authentication (where available)
  • Not share account access with third parties
  • Immediately report unauthorized access or suspicious activity

Important: Konetos is not responsible for losses caused by user negligence.

1.3 Transaction Security

  • All payments must be processed through Konetos escrow system
  • All transactions are monitored for fraud detection
  • A mandatory 24-hour payment clearance period applies to all deposits
  • Funds are only released after verification and approval stages

1.4 System Monitoring

Konetos may monitor:

  • Login activity and device usage
  • Payment patterns and transaction behavior
  • Communication between Users
  • Suspicious or unusual account activity

Automated systems and manual review may be used for security enforcement.

1.5 Data Protection

Konetos protects user data through:

  • Encryption of sensitive information
  • Secure cloud storage systems
  • Restricted internal access controls
  • Regular security audits and updates

User data will never be sold or shared without consent, except as required by law.

1.6 Incident Response

In the event of a security breach:

  • Affected accounts may be temporarily suspended
  • Transactions may be frozen
  • Users may be required to reset credentials
  • Konetos will investigate and take corrective action

1.7 Prohibited Security Actions

Users must not:

  • Attempt to hack or disrupt the platform
  • Use bots, scripts, or automation tools without authorization
  • Access restricted system areas
  • Exploit vulnerabilities in escrow or payment systems
Severe Consequences

Violations of prohibited security actions may result in:

  • Permanent bans from the platform
  • Legal action and prosecution

Part 2: KYC (Know Your Customer) Verification System

2.1 Purpose

The KYC system ensures that all users on Konetos are verified, legitimate, and compliant with financial and security standards in Nigeria and South Africa.

2.2 Verification Levels

Konetos operates a three-tier verification system. Each level unlocks additional platform capabilities.

Level 1

Basic Verification

Required for all users

  • Full name
  • Phone number
  • Email address
  • Profile photo
Access: Limited platform usage

Level 2

Identity Verification

Required for artisans and clients handling payments

  • Government-issued ID (National ID, Passport, Driver's License)
  • Date of birth
  • Residential address
  • Selfie verification (live or uploaded)
Access: Full platform access + escrow usage

Level 3

Business / Professional Verification

Required for high-value artisans or agencies

  • Business registration documents (if applicable)
  • Tax identification number (where applicable)
  • Proof of work portfolio
  • Bank account verification
Access: High-value projects + premium listings

KYC Requirements & Procedures

2.3 Artisan Verification Process

Before approval, artisans must:

  • Pass identity verification
  • Submit proof of skill or portfolio
  • Undergo background screening (where applicable)
  • Agree to Konetos Terms and policies

Konetos reserves the right to approve, reject, or remove artisans at any time based on verification outcomes.

2.4 Continuous Monitoring

Even after verification, Konetos may:

  • Re-verify accounts periodically
  • Request updated documents
  • Monitor transaction behavior for fraud or risk

2.5 Failure or Refusal to Verify

Users who fail or refuse KYC verification may:

  • Have account access restricted
  • Be blocked from receiving payments
  • Be suspended from using escrow services

2.6 Data Usage and Privacy

KYC data is used strictly for:

  • Identity verification
  • Fraud prevention
  • Legal compliance
  • Security enforcement

Konetos will not share KYC data except when required by law, with authorized regulatory authorities, or to prevent fraud or criminal activity.

Part 3-7: Enforcement & Legal

3 Fraud Prevention Integration

Konetos security and KYC systems work together to:

  • Detect fake accounts
  • Prevent payment fraud
  • Block identity misuse
  • Enforce escrow protection rules
  • Reduce off-platform circumvention risks

4 Account Suspension and Termination

Konetos may immediately suspend or terminate accounts for:

Grounds for Immediate Suspension
  • False KYC information
  • Fraudulent activity
  • Security breaches
  • Policy violations
  • Illegal transactions

5 Liability Disclaimer

Konetos implements strong security measures but does not guarantee absolute protection against all cyber risks. Users are responsible for maintaining their account security.

6 Updates to Policy

Konetos reserves the right to update this Security and KYC Policy at any time. Continued use of the platform constitutes acceptance of changes.

Acceptance

By using Konetos, you acknowledge that you have read, understood, and agreed to this Security Policy and KYC Verification System.