The Money Transfer Scams to Avoid
In today’s technologically driven world it has never been easier to transfer money anywhere in the world with the amounts being sent and the frequency of those international money transfers growing year by year. Unfortunately, all this traffic and financial activity brings with it the criminal element, in that there is not shortage of people who have devised ways to have some of that money transfer to them instead.
When dealing with international money transfers it is important to be on the look out for potential scams so as not to fall victim to the criminals and these are just some of the types of scams to be aware of.
The Bouncing Check Scam
When selling any product online there is very little that can be done to verify potential buyers trustworthiness, and many scams target this vulnerability.
Often, scammers will contact the seller with a request that the item for sale be delivered, a common cause of international money transfers, and the scammer will offer to cover the cost of any delivery fees on top of the asking price for the product by way of check. On arrival of the check, the goods are sent, and it is only after that the seller finds the check has bounced with the loss of the product to the successful scammer.
The Family Emergency Scam
With global travel so widespread and the use of social media advertising holiday plans scammers have taken to sending emails to relatives still at home declaring some emergency and asking for money to be transferred immediately. ALWAYS verify the claims before sending money as the time taken to do so could save a small fortune from going into the scammers bank.
The Deposit Scam
A popular scam is for the scammer to request a deposit be transferred so as to lock down a purchase/service before the product/service has been received. Be very cautious of this sales pitch which often results in loss of the deposit. Most scammers will use legitimate ads found online and present them as their own with a quick change to the contact details before re-advertising is all that’s needed to set this scam in motion.
The ‘Friend in Need’ Scam
Social media has created an opportunity for scammers to get to know their targets, build up friendships and trust while keeping at a safe distance, even in another country beyond the reach of national laws, with fake profiles commonly employed to give further anonymity to the criminal. After trust has been established with the victim, the scammer will state some illness which requires money for its treatment. Once the victim has paid up, the fake friend’s need increases and more money is sought.
Whatever the reason for making international money transfers, always be vigilant of who it is your transferring money to. Have you met the person face to face? If so, what can you do to verify any claims made? What are you getting for your money? Is it a reputable business? Is the deal being offered just too good to be true? If you think so it usually is.
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