December 12, 2022
5 Most Common Money Transfer Scams you must be aware of!
The technology of online money transfer has given ease and
convenience to the bigger part of society, however, this has given thieves a
new way to steal your money. Gone are the times when thefts used to mug people
using a knife, now they act as innocent people trying to help you.
Every year, people transfer hundreds of billions of dollars
online and regrettably, this volume has fueled several con artists who attempt
to deceive individuals via a money transfer fraud. Surprisingly, wire transfer
fraud cost the US economy more than $200 million in 2019. There was a
significant increase over the previous years, and the worldwide issue is
Ever since the technology has been introduced and everything
has turned online instead of offline, the thefts are also becoming even smarter
and untrackable. Scammers are always refining their techniques as individuals
get better at identifying fraudulent activity like credit card theft and wire
This is why it's critical to understand how con artists now
steal the hard-earned money of innocent individuals. This is a guide that can
assist you to keep your money and financial information safe and be aware of
that might put you information at risk. Here are the top 5 money theft scams
that you must be aware of in order to save your hard-earned money to be stolen:
You might witness random shopping paid ads on the social
media platform. These ads may contain visibly attractive products that may be
useful for you in your routine life. The most typical is to sell products
online without planning to mail them. In the digital world where everything is
closer to us yet physically far away, scammers can do fraud and sweep away
easily without notice.
While making purchases online, only use trustworthy websites
because these online shops often offer seller ratings and buyer protection,
which may help you avoid fraud before completing an order.
You can receive a check from scammers for your ‘mystery
shopper’ actions. If this occurs, you can infer that the check is phoney. They
will request that you return a money order, wire transfer, or other types of
payment. You'll ultimately lose your money and receive nothing in exchange for
the initial check.
PRETENDING TO BE A STRANDED RELATIVE
Another common one is calling you on your Whatsapp number
and pretending to be a stranded family member and talking about some money-related
topic. Scammers tend to contact you saying that they're trapped somewhere or
are in an emergency and require money given to them straight soon.
Usually, they ask for wire transfers, gift cards, or
cryptocurrency payments, all of which are quite tough to track. Make first
contact with your loved ones to ensure their safety if you find yourself in
In some cases, the scammers call and express their wish to
send you some money in order to extract your financial details. Do not fall for
this trap either! Disconnect the call and block that number as quickly as
You might receive visibly genuine emails that may end up
sweeping all your money out of your wallet or phone. This is one of the most
common fraudulent activities that happen in the current times even when people
are quite aware of this one.
These communications frequently ask for money from you in
exchange for anything else. Though, the money is never really there in the
first place. These fraudsters are merely trying to acquire your bank account
and other financial details. Usually, the chat ends with a request for a wire
Phishing is a process where scammers or criminals pose to be
a government representative, credit agency or bank to verify your financial
data. In this type of call, they would ask for your financial information like
your bank details, mobile numbers, any OTPs, etc. Once they have your personal
information, they wouldn't need you to send money manually because they can
easily empty your account in minutes.
Always be aware of your bank account details and what is
going on with your bank account such as any FD, credit or debit amount, etc. If
you get a call from any of the official persons asking for information relating
to your account, it’s natural to be suspicious. Try and contact your account
manager or bank official for any such activities.
FACEBOOK ACCOUNT HACKING SCAM
Have you ever received a text on Facebook and Instagram from
your close ones asking for money? You might be wondering if they have your
contact number, why are they texting you online? The only reason for this is
that the hackers have hacked the account of the person and are reaching out to
everyone to get some money.
Those involved in money transfer fraud have access to a
straightforward tool on Facebook and other social media platforms. Be sceptical
of friend requests from strangers, and if you receive one from a new account
using a loved one's name, check with them first. Before asking for money, con
artists frequently establish confidence in this manner.
Here are some quick tips to avoid money transfer scams!
Use reputable and reliable payment platforms.
Make it safely through Payansh because here, you can make credit card payments
If your call is suspicious, hang up immediately and
dial recognised numbers for banks or other businesses. Fraudsters might falsify
incoming numbers in an effort to steal money or steal identities.
Never offer your financial or personal
information on an unprompted call or a message.
Never send money to someone who you don't know
Don't buy anything from unknown and low-rating
platforms. More importantly, never pay them online through your credit cards
and other traceable payment methods.
Never pick up phone calls from unknown callers
until or unless you are pinged by your family member and you recognise them.
Always contact your family members on their known contact numbers.
Always remember to be smarter than the scammers and take
smart steps while making online payments. Be decisive and open-minded if you
receive any fraud calls before laying down your information in front of these
scammers. These are some of the tips and common fraud activities that you must
be aware of! Keep visiting our website for such valuable information.
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payment platform where you can easily make safe and secure payments even at
places where credit cards are not acknowledged these days. Want to experience
the safety of credit card payments? Try Payansh today!