|Type||Privately held company|
|Headquarters||London, United Kingdom|
|Parent||Smart Voucher Ltd.|
The system allows users to exchange their cash for a secure code. The code is then used to make payments online, to load cards or e-wallets or for money transfer. Codes are distributed by participating retail locations, kiosks, ATMs and via the Ukash website.
Ukash users are given a unique 19-digit code representing their prepaid money; this is entered when making a transfer, payment or purchase online.
The ‘bearer’ of Ukash can spend it anywhere it is accepted. Some scammers have been reported to be exploiting the Ukash system for black market use by extorting codes from victims. Fraudsters promise cheap loans or other services in exchange for a fee. Some offer items for sale on sites like Gumtree but these items do not exist. Others infect a computer with ransom malware and demand the payment in Ukash.
In 2012, the company issued advice to consumers on staying safe with Ukash. The best way for consumers to avoid becoming victims of fraud is to guard Ukash codes like cash. Each Ukash code is unique and like cash, must be kept safe and therefore never emailed or given to anyone else over the telephone.
Ukash is designed solely for making payments online and at participating merchants. Most online scams reported obtain Ukash by asking the victim to email the code or give out over the telephone.
In 2013, the company supported the launch of the website Avoidonlinescams.net offering information and advice on avoiding online scams and ransomware.