Money Transfer Scams to Avoid

International Money Transfer Scams to Avoid in 2021

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International money transfer scams have always been a menace. We continuously hear stories of people losing astronomical sums of money to fraudsters who pose as professionals in money transfer. However, at the start of a new decade, international money transfer scams have now become full-blown as more people are now being ripped off of their life investments when they seek to transfer money back to their home country either for investment or for their families and friends.


Here, we address the various international money transfer scams, how to identify these scams, and avoid them.


Types of International Money transfer scams to avoid

  1. Email-Scams

This is one of the common international money transfer scams. Usually, the scammers message the victim with a familiar email seeking emergency assistance. They could couch any fake situation to make the victim fall into their bait. One should usually verify the emails to ascertain their veracity. As much as you can, never send money to someone you do not know, no matter how compelling the story is.

  1. Whaling 

Advanced scammers do whaling. It is a variant of fraud where the scammer obtains the verified email of a company or organisation and defrauds people. They use the company’s email to create fake invoices and defraud people across the board. Most scammers who do whaling could use nefarious means to use the company’s letterhead to defraud unknowing people. They alter the company account information to divert monies back to their account. Most people who are victims of these are those who buy goods online. If something sounds or looks suspicious, the wise thing to do is be cautious. Call to verify an email if you have any suspicions about its legitimacy.


  1. Business Scams

This scam is mostly seen online where the fraudster comes up with various fantastic discounts and waivers to entice the victim. Then, they tell the victim to transfer the money to their company’s account in order to confirm their win. This scam thrives in the cryptocurrency world because traders in this arena are anonymous, making it difficult to verify the integrity of those identities that are trading.


  1. Vishing

This is a more sophisticated international money transfer scam. Here, the fraudster uses sophisticated technology to obtain bank account information, passwords, and permissions from victims and rip them off. They then place a call through to the victim, citing that they are calling on behalf of their bank, among other made-up reasons. If successful, they cart away with lots of money from unsuspecting victims.


International money transfer scams: Signs to look out for

  • A stranger sends you a message or email asking for money. Also, if you’re in a relationship with someone you’ve never met and the person begins asking you for money, be careful; it’s a marker for fraud.
  • An Online Ad gives unbelievable offers that require you to transfer some money to enjoy the offer. That’s a marker for fraud. Any veritable company offering great offers will not ask you to send money to enjoy them.
  • You receive an email from someone, and they claim to be your bank operator. They ask you to come to provide them with information on your account to update it. Once you do, they tap into your account and drain your balance.
  • You receive an email or a phone call that claims the IRS wants you to pay back taxes. They said you must transfer some money to them or they’ll arrest you. It’s a farce! If you default on tax, the IRS will only call you on the phone and never demand your card details or a money transfer.


How to avoid these scams

  • Always use a secure means of transfer
  • Avoid sending money to strangers
  • Do not send a huge amount of money at once
  • It is better to be overly cautious than a victim of fraud.

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