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Common Money Transfer Scams To Steer Clear Of

In today’s high-tech world, it’s easier than ever to send money to your family, friends, and business partners abroad. With a swipe or two, you can quickly get a date, order lunch, or stream your favorite TV show.

However, these fantastic benefits aren’t without pitfalls. Scams are everywhere in different shapes and forms. While some are old and easier to spot, others are a bit more sophisticated to readily recognize.

To help you be one step ahead, here below, we’ll provide three common money transfer scams that victims fall for.

1. Advance Payments

We’ve heard it on the news repeatedly about how some folks were ripped off on a shopping website or a trust fund. They were offered deals too good to be true but still paid scammers a large sum in advance for their services. Money is usually delivered using a wire transfer, and it’s put down as tax liability, service fees, or incidental expenses.

To avoid falling into these traps, you need to ensure that the provider accepts safe, traceable transactions (no cash-only deals) and has valid contact details. Moreover, it’s wiser to stay away from overly generous discounts and stick to shopping only from trusted sources.

2. Charity & Email

Have you ever had someone asking for money for a charitable cause and then pressure you into donating? That’s the biggest sign of a charity scam, where they try to take advantage of your kindness and make you feel guilty into paying.

Plus, they may pose as members of legitimate institutions and accept no payment method other than cash. Or, they may give you a personal account number and promise to send it to the charity’s account.

If you run into such people, you need to ask for an ID card and make sure they’re really from a charitable organization. Of course, other online charity scams ask you to donate on a website through an insecure gateway.

The best solution is to check the website URL for the “HTTPS://” sign. If it’s via email, there needs to be a signature containing the organization’s contact details, the base of operation, and other vital data. Don’t trust a guy when he tells you he is a “Nigerian Prince”.

3. Identity Theft

One of the most well-known money transfer scams is to steal people’s personal and financial information through identity theft. For example, scammers know that in case of an emergency for your family and friends, you’d act quickly without thinking correctly.

Consequently, they hack into a family member’s email or social media account and send a payment link. If they’re targeting naïve people, they may pose as a lawyer or medical professional and claim they require the money to help out your friend or family member.

In such emergencies, it’s best to contact your friend or family member via phone, social media, or an instant messenger app. You can also get in touch with people around them to make sure they’re safe. Most importantly, you need to stay calm and not act on impulse.

Bottom Line

It’s true if you’re not careful, you may become a victim of money transfer scams. When making any transaction online, you need to be extra cautious and go through credible channels. For example, if you plan on sending money abroad, make sure to conduct your due diligence before trusting your cash to a stranger.

You need to find a remittance provider with an excellent regulation compliance record and a long list of satisfied customers. Fortunately, Lycaremit is precisely such a provider that can offer you a quick, reliable, and safe platform to wire funds. Therefore, if you’re interested in more information about our services and quotes, please contact us right away.

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