5 Most Common Money Transfer Scams you must be aware of!

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 significantly worse.

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 transfer fraud.

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 the scams 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.


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 this scenario.

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 possible!


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 transfer.


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.


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 easier everywhere!

·         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 personally.

·         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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