Five Tips to Avoid Money Transfer Frauds

by Susan Paige on July 30, 2018 · 0 comments

Do reports of money transfer frauds scare you? Here are a few handy tips to protect yourself from the evil schemes of fraudsters and scamsters.

While it’s true that the internet provides us with a vast array of benefits and convenience, there’s no denying the fact that there are plenty of scamsters and fraudsters lurking in the corners of the digital world, waiting to lure you and rob you of your hard-earned money.

These scamsters make use of all types of elaborate schemes to get your money, and most of these frauds involve some type of money transfers. These tricksters pressure you to transfer or send money online instantly, and by the time you realise that something is wrong, they have pocketed your money. There’s no way for you to reverse the transaction or to trace where it ended up.

Here, in today’s post, you can find a list of handy tips that help you stay protected from fraudulent money transfer scams.

Five simple guidelines to stay a step ahead of the scammers:

Tip #1: Make it a Rule never to send money to a person you haven’t met in real life

You may have befriended a new friend on social media, and you may feel that you’ve established a connection with that person. Suddenly out of the blue, he/she asks you to help them out by sending cash to meet an emergency. This is where your antennae should prick up.

Fraudsters often pose as genuine people on social media to trick you into sending them your money. Always make it a rule to never send money to any random person you meet online.

Tip #2: Don’t send lump sums all at once

Contrary to tip #1, if you still feel compelled to send money to some person you met online; make sure that you never transfer a large amount all at once. Instead, send them just a few thousands of rupees to help them meet their emergency requirements.

Tip #3: Choose a reputable Money Transfer Service Provider

This one goes without saying. While transferring money online, make sure to choose a reputed agent who takes security seriously. Additionally, if a service provider lures you with an exchange rate offer that is too good to be true, then you can be assured that it’s a scam.

Don’t be tempted to try an unknown transfer agent, just because they offer insane offers. Also, while choosing a money transfer service, make sure to do your homework. Search the internet for reviews and check out the experiences of previous customers to get the real picture of the service.

Tip #4: Look for Signs of False Urgency

Most schemes create a sense of urgency that allows the victim no space to think. Fraudsters often state that you have to send money online immediately to reap the benefits of a lottery, inheritance or other prizes.

If you don’t meet their deadlines, they often contact you again stating that they have made a special concession just for you, by extending the period.

Tip #5: Always call the Receiver before you Transfer

Scamsters often prey on the gullible feelings of individuals living miles away from their families. You may receive a call from an unknown person informing that your parent/spouse/sibling or someone else has met with an accident back home in India. They then go on to state that you have to transfer funds immediately to meet the medical emergency needs.

If you receive any such calls, take a minute to pause, get in touch with your family and friends back home, to inquire about the situation before you make any rash decisions.

The Last Word

While online transfers are a convenient way to send money to your family quickly, make sure that you stay alert and protect yourself from fraudsters.


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